Annuities offer guaranteed income but often come with hidden downsides such as high fees and surrender charges, which can significantly affect retirement savings.
Management fees, which can range from 0.25% to 1%, are often undisclosed and can erode the overall returns of variable annuities, affecting their attractiveness.
Surrender charges can unexpectedly reduce your retirement savings if you decide to withdraw funds prematurely from an annuity, creating a financial burden for retirees.
Before investing in annuities, it's crucial to understand the complexities and costs involved to avoid pitfalls that could compromise your financial well-being in retirement.
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