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Money and Finances
Reply to "Guaranteed Personal Pensions"
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[quote=Anonymous]Annuities have a bad name because of the shameless marketing practices used my many. Conceptually, an immediate annuity can make sense for many with large lump sums at retirement. It is fairly straightforward to calculate and understand the cost of these products. And, calling it a "personal pension" may be a decent way to sell it. You can't use the word "guaranteed" because there is no government backing like FDIC and the insurance company can go under. But, most of what gets pitched are deferred annuities that are terribly overloaded with fees, both disclosed and hidden. It is next to impossible for an average person to figure out how much is siphoned off by the hefty sales commission to the insurance agent and how much is lost to the hidden fees eating at the long-term compounding. there is almost a direct correlation between lack of financial savvy and the likelihood to buy a deferred annuity. [/quote]
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