A variable annuity, like other annuities, is an investment through a contract with a life insurance company and is used as a way to grow your assets tax-deferred and/or receive payments over your lifetime. The variable annuity is based on the performance of underlying investments.
A variable annuity can be appropriate for experienced investors who are willing to take the risks, but many seniors are being sold these investments as a "safe" way to bulk up retirement savings over a short period of time. Unfortunately, the safety of many of these investments is misrepresented or hidden under misleading statements.
It's important to understand that variable annuities usually:
Before putting your money into variable annuities, be sure you ask questions, do your research, and understand what you're getting into and how it will work in your overall financial picture. If you have lost money on a variable annuity investment due to stockbroker misconduct, speak with one of our experienced and helpful investment fraud attorneys today. Meyer Wilson represents senior investors who have been the victims of investment misconduct nationwide.