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February 21, 2005
Variable Annuities In IRAs
According to a study released by the Investment Company Institute, 20% of IRA account holders have a variable annuity inside their IRA. Another 20% are holding fixed annuities.
For a full discussion of why this practice of putting variable annuities inside IRAs borders on malpractice, listen to my interview with Gary Schatsky, chairman emeritus of the National Association of Personal Financial Advisors.
SOURCES:
1. Sarah Holden, Kathy Ireland, et. al. "The Individual Retirement Account At Age 30: A Retrospective."Perspectives http://www.ici.org/pdf/per11-01.pdf Feb 2005.
2. Gary Schatsky, interviewed by author 01 Nov 2004, telephone interview, Dallas, TX.
Kim Snider, Kim Snider Financial Communications, Chronim Investments and/or Snider Advisors make no representation that the information and opinions expressed are accurate, complete or current. The opinions expressed should not be construed as financial, legal, tax, or other advice and are provided for informational purposes only. Call 866-952-0100 to request the Snider Investment Method™ Owner's Manual, which includes a description of the Snider Investment Method, investment objectives, risks, suitability and other information. Please read and consider carefully before investing. All investments are subject to risk including possible loss of principal.
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Kim Snider is an author, speaker and host of Financial Success Coaching, Saturdays at noon, on KRLD Newsradio 1080, Dallas - Fort Worth. This blog is primarily devoted to empowering individual investors with information to help them be good stewards of their money. Above all, it is about achieving true financial success. Kim's book, How To Be the Family CFO: Four Simple Steps to Put Your Financial House in Order is in bookstores now. Order yours from Amazon or other fine booksellers today.
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