Should a Veteran use an annuity for planning?
A number of financial firms, with official sounding names and holding themselves as a veterans service organization but do little more than sell annuities. Some of these organizations arrange for very inexpensive Veterans Trusts and perhaps even pay third parties to complete the VA application, which is prohibited, just to be able to sell an annuity (which may or may not be the right product for the client).
Most people, including veterans and seniors, do not have a sufficient understanding of annuities, to make a decision about the appropriateness of an annuity product.
This is not to say, that annuities should never be used. Annuities can be used for planning. However, all options and a complete understanding are required. Beware of annuities if you are facing entrance to the nursing home, as you may not qualify for Medicaid.
However, the very unfortunate fallout from bad practices by unscrupulous "financial advisors" is that annuities, which when used properly are planning tools, can all be lumped into one category of "bad products" that should be avoided.
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