2007-05-21 05:34:03 · 3 answers · asked by Paco50 1 in Business & Finance ➔ Taxes ➔ United States
They want seniors who have money in CDs for example, to purchase an annuity with after-tax dollars. The interest earned on the annuity is deferred and will not effect taxes on Social Security. The payout of the annuity can be controlled to eliminate or minimize taxes on SS. Annuity payments cannot be seized by a lawsuit (at least this is what they tell you). You cannot outlive the payments etc.
I agree that the equity indexed annuities are hot right now.
Some seniors would benefit from purchasing an annuity, most wouldn't. Of course there are hefty fees. But I don't think these people are scamsters, just aggressive.
2007-05-21 06:50:44 · answer #1 · answered by ninasgramma 7 · 2⤊ 0⤋
Well, what seems popular with the seminar hucksters nowadays is Equity Indexed Annuities.
2007-05-21 05:38:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Many of these are scams. Check with your tax accountant.
2007-05-21 05:41:59 · answer #3 · answered by jdkilp 7 · 0⤊ 0⤋