Bank of America to Waive Annuity Penalties

According to an article in USA Today Bank of America will waive annuity penalties for early withdrawals on variable annuities sold to people 78 or older! This was part of a settlement with the Massachusetts secretary of state. Variable annuities for seniors over 78?? Wow-you can bet a lot of brokers got fired over this. Not only do these investments fluctuate dramatically they also have stiff penalties for withdrawal-up to 7%. Good to hear our grandparents are going to get a second chance!

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