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 The Detroit News recently reported about an individual that had a significant
amount of money saved for retirement, but was convinced by a commission-based
salesperson to transfer their IRA money into an annuity. Variable and standard
annuities are rarely a good deal for retirement savings. Money in an annuity is
sheltered from tax during the term of the annuity, but earnings are taxed at the
time of retirement. They also carry tons of fees that reduce the amount of the
building fund each year. Annuity fund fees range from 2% to 3% each year.
Exit or early surrender charges can be as high as 7% or more.

Clark suggests moving a high-fee annuity to a low-cost annuity only when
the original term is completed. Fees with a low-cost annuity fund can be
from .5% to .75%. This can mean savings a significant amount of money
over several years.
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