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Reply to "Should my mom buy an annuity?"
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[quote=Anonymous]Don't do it - there's usually an 8 percent or so commission that goes along with it, no guarantees, and it's unclear from what you've written when she will get money. Also, depending on the annuity, there will be nothing left once she dies - it all goes to the company (unless there is a survivor benefit). How is her health? Is any of her money in an IRA? Sometimes it can make sense for someone to have an annuity for tax purposes - but usually only if they are ultra-wealthy (net worth $10 million+). The brochure sounds like it's written in gobbledy-gook. This is a red flag - stay away. [/quote]
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