Before You Sell That 7-Year Annuity…
June 11, 2012 by Sheryl J. Moore
May 30, 2012 •
One of the biggest pieces of state regulation that I have fought against for the past decade is the 70/10 regulation. Known to the masses as the “10/10 Rule,” this anti-competitive rule limits surrender charges on fixed and indexed annuities to no more than a 10-year period, and often to less than a 10 percent surrender penalty. In fact, I’m often quoted as saying, “Bring on the 30-year surrender charge annuities!” After all, my money is qualified; I don’t want to be penalized for withdrawing money from my annuity prior to age 59-and-a-half. So, rather than doing 1035 exchange after 1035 exchange, I’d love to have the choice of a 30-year annuity. Click here to read more…