[scfr]

Thank you for sharing your hard-learned lesson.

A while back, at the advice of a banker, we met with a financial advisor who tried to sell us on a variable annuity. We said we'd think about it, went home, did a bit of research, and very quickly decided not only were we not interested but we wanted nothing more to do with that particular financial advisor. (Thank you Andrew Tobias!)

However, I must respectfully disagree with some of the previous posters and say that I do believe there are special circumstances when a FIXED-INCOME annuity might be a smart move. Here is a specific example from my life, and I'm sure there are other cases where it would be a good idea: I have a brother who is developmentally disabled and at some point is going to need financial support from me or my other siblings (probably gonna be me tho). Per my will, a trust will be established for him when I die. I have directed the trustee to look in to a fixed-income annuity. That is one way to make sure my brother has some money coming in for the rest of his life, without requiring the trustee to spend a lot of time actively managing the money. I have left the decision to the trustee, and they will decide whether an annuity is the best course when I do kick the bucket. [I have actually requested a charitable fixed-income annuity, as a way of leaving some money to my charity of choice in addition to providing for my brother.]