Anybody have any opinions on annuities?

United States
August 16, 2012 12:18pm CST
I want to take two 401k accounts from old employers and put it into one account and I was advised to create an annuity account. Supposedly the amount of money I put in will double in seven (?) years BUT it's expensive sales charges AND you can't take it out until a certain time. At the end, I would make out better than mutual funds I guess unless something really dramatic happens to the market but I'm just feeling uneasy about it. Anybody have any thoughts?
1 response
@tetris15 (540)
• Philippines
16 Aug 12
Hello Christine. I used to work for a company that is handling annuities. It depends on the plan you wish to take. There are plans wherein you can withdraw money from it or it could be fixed annuity or not. You could probably check online for companies that offers annuities.
• United States
16 Aug 12
Thanks tetris! Finance options make me crazy. The more I read the more confused I get. Maybe it's my old brain but i can't seem to absorb it. I gotta answer the poor guy who put a lot of time into it. I just want there to be money there in about 10-15 years when I'm on soc. sec. (if there is any).