Years ago, my father bought an annuity that had a severe financial penalty if he activated it before seven years.
Unfortunately, almost before the ink was dry, he had a stroke and needed the income from the annuity to pay for his assisted living.
Too bad, you say, that is how annuities work.
I would agree if he had been 30 or 40 or 50 or even 60 or 70 when the broker sold him the annuity.
He was 90.
The broker received his commission, and the company received its cut.
My dad received pennies on this “investment.”
President Donald Trump is trying to gut the Dodd-Frank law that in part says those agents and companies dealing with retirement funds must work for the benefit of the retirees and not line their pockets at the expense of the investors.
The agent who sold Dad that annuity knew the chances of Dad ever living to benefit from the investment were very slim.
Tell President Trump and our representatives to protect us.
Do not make it windfall business-as-usual for Wall Street.
Suzi Morris,
Sequim