For Seniors, Safeguarding Your Pension From The Credit Crunch
AIG-LOGO
What if your pension was through AIG, of Merrill Lynch or some other recently folded financial institution? Are your funds secure? I have spoken with dozens of seniors and soon to be retirees that have no idea if their nest egg will even be around next week, let alone next year. Ignorance in times of fear is almost as bad as alcohol and car keys. Educate yourself. CNN senior editor Walter Updegrave, recently calmed the fears of one such senior that wondered if they should withdraw their funds and place them in a safer place? Great question in today’s uncertain times.
Question: I have $100,000 in an annuity with AIG that my mom and I depend on for income to live. Should I cash it out even though I would suffer a loss, or do you think I should hold onto it? It’s so hard to know what to do. —Kitty Schwartz, Plano, Texas
Answer: Most people buy an annuity at least in part because they see it as a refuge, an investment they can count even if the financial markets are spiraling downward. But that faith has been tested in recent weeks.
The government needed to step in to cover the debts of AIG, the nation’s largest insurer, and the health of many other major insurers has been called into question.
So it’s no surprise that I have been inundated with questions from people worried about the security of money they have in annuities.
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[...] Darren Murph wrote an interesting post today onHere’s a quick excerptI have spoken with dozens of seniors and soon to be retirees that have no idea if their nest egg will even be around next week, let alone next year. Ignorance in times of fear is almost as bad as alcohol and car keys. Educate yourself. … [...]
[...] For Seniors, Safeguarding Your Pension From The Credit Crunch I have spoken with dozens of seniors and soon to be retirees that have no idea if their nest egg will even be around next week, let alone next year. Ignorance in times of fear is almost as bad as alcohol and car keys. Educate yourself. … [...]
[...] For Seniors, Safeguarding Your Pension From The Credit Crunch Ignorance in times of fear is almost as bad as alcohol and car keys. Educate yourself. CNN senior editor Walter Updegrave, recently calmed the fears of one such senior that wondered if they should withdraw their funds and place them in … [...]
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[...] Your Pension From The Credit Crunch Posted in October 26th, 2008 by in Uncategorized For Seniors, Safeguarding Your Pension From The Credit Crunch AIG-LOGO. AIG-LOGO. What if your pension was through AIG, of Merrill Lynch or some other recently [...]