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Is an annuity a great idea? Or a tax ‘time bomb’?

Dan Moisand
Is an annuity a great idea? Or a tax ‘time bomb’?

Q.: A friend of mine bought an annuity and raves about how much tax-free income he is getting and that it is guaranteed for life. Another friend of mine says annuities are a tax time bomb. A.: Well, Lester I think the time bomb friend is more correct.