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  • Attorneys David Meyer and Matthew Wilson have been selected to the list of Super Lawyers since 2011 and 2015 respectively.

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Variable Annuities and IRAs

Should I purchase variable annuities with the money that's inside my IRA?

A common question we hear is "Should I purchase variable annuities with money inside my IRA?" We want to caution investors against variable annuities.

This type of investment is a contract with an insurance company for a specific period of time. When you deposit money into a variable annuity the money is used, most often, to purchase different mutual funds within the insurance contract.

There are several reasons we tend to caution investors against variable annuities:

  1. They are expensive, with huge internal costs with many layers of fees
  2. They can pay the broker's commissions as high as 10%
  3. They are very complex and difficult to understand, even by brokers
  4. They are difficult and costly to get out of (ex. surrender charges)
  5. Often sold to clients as a "tax deferred investment" but other investment vehicles like IRAs already offer tax deferred growth

You simply don't need the tax deferred benefit of a variable annuity if your money is already in a tax deferred account like an IRA or 401k. For retirees who are considering investing in variable annuities with the money that is in their IRA, it is unlikely that the variable annuity will provide any additional tax benefits. For these investors, a variable annuity only makes sense if the annuity offers other benefits such as a lifetime income payment. For most investors, the costs usually far outweigh the benefits.

Need More Information?

Investment misconduct can be complex and confusing. That’s why we’re here to help you. Visit our Common Questions page to find in depth answers directly from our attorneys. Get More Answers
Have You Been a Victim of Investment Fraud?

You trusted your financial advisor with your money, but now you're left wondering what went wrong. If you or a loved one suffered losses because of investment misconduct, Meyer Wilson can step in and fight to recover your losses. The team of investment fraud lawyers at the firm has been helping people like you since 1999 by winning judgments, settlements and verdicts worth hundreds of millions of dollars against brokerage firms, financial advisors and banks.

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