K-12 Teachers—Think Twice Before Investing Annuities Inside Your 403(b) – TheStreet
K-12 Teachers—Think Twice Before Investing Annuities Inside Your 403(b)
An issue that rarely makes the press, public school K-12 teachers are fed up with the system that’s supposed to be securing their retirement.
“When Lauren Woodcock, a Boston Public Schools math teacher, was asked by a representative if she wanted to retire comfortably, she answered as most would—a resounding yes.
After she sat through what she recalled as his pithy speech, the AXA (now called Equitable) Life Insurance rep “sold” her on contributing to an annuity in her 403(b) plan, specifically the Equi-Vest variable annuity plan.
But she was unaware of the high fees and surrender charges associated with the annuity — which ultimately, she alleges, cost her thousands of dollars of her life savings and, if not that, certainly countless hours of anxiety.”
Source: TheStreet
