Q: I have IRA’s in different funds and would like to group them into one vehicle. I keep getting recommendations to put them into an annuity and I already have one. I feel funny about getting a second annuity. Can you suggest another vehicle for my IRA’s? (I have been warned many times about annuities and their cost to maintain)
A: You may want to consider using some low cost index funds or ETFs at a place like Schwab or Vanguard. That way, you can consolidate your accounts into one custodian and use low-cost investments to build your own portfolio. Annuities can make sense for certain situations, but generally carry higher costs and should be fully understood before they are purchased. You should speak with your financial advisor before making any investment decisions. And you can feel free to reach out to us to schedule a free consultation if you would like.