Q. My mom is 64 years old and attended a seminar about annuities for her retirement. She was about to transfer her $300,000 in retirement savings to the sales people but I stopped her from doing that after getting a better understanding of the financial product. The bottom line is that the actions of these sales people appear predatory, and buying annuities can impair growth and limit flexibility with my mother’s account. My mom’s entire retirement savings is this $300,000 but her condo is almost paid off and she will have a company pension that pays about $14,000 annually starting next year. I have two questions. Did I do the right thing by dissuading my mom from buying an annuity? Also, if s...
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