Does your retirement annuity (RA) suck?
The Money Show’s Bruce Whitfield interviewed Galileo Capital Personal Financial Advisor Warren Ingram and Old Mutual General Manager for Closed Products Adrian Burke for his weekly personal finance feature.
Ingram and Burke discusses the ins and outs of getting out of an RA.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
This product that the listener bought is no longer on the market.— Adrian Burke, Old Mutual
There are very few cases nowadays where the penalty would go to the maximum.— Adrian Burke, Old Mutual
If you stay with the company there is no penalty applicable.— Adrian Burke, Old Mutual
Product costs should not be more than 2% per year.— Warren Ingram, Galileo Capital Financial Advisor
The most attractive option for me is to stop contributions to this RA and to start a new one at another fund manager.— Listener
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