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Nov 7, 2018 by |

Contra Costa County and California Annuities and Financial Elder Abuse Attorney: Retirement Savings


Plan Retirement Investments With Care

Avoid Deferred Annuities With Steep Surrender Charges and Certain Types of Life Insurance

The closer you get to retiring the more you try and save for the future. While saving as much as you can is important, where you put those savings is equally important. Insurance agents, stockbrokers, financial advisors and retirement planners push annuities and life insurance as good retirement savings vehicles.  Don’t buy it. The Contra Costa annuity, securities fraud and financial elder abuse attorneys at Evans Law Firm, Inc. represent[1] individuals who have lost retirement savings in annuities, life insurance, and other unsuitable investments.  Most of the victims are seniors.  If an agent or broker has sold you an inappropriate product such as life insurance or an annuity or you are the victim of securities fraud and you’re over 60, call us today at (415441-8669 and we can help.

Your hard-earned savings are yours. Don’t buy into commission-driven products like life insurance and deferred annuities that line other people’s pockets and leave you holding the bag. Avoid high-pressure sales seminars and promises of guarantees too good to be true – they always are.  Here are some tips we recently came across that you should keep in mind as you save for retirement:

  • Pay off big debts.
  • Save from every paycheck.
  • Start early.
  • Don’t withdraw from your 401(k).
  • Review your plan and stock portfolio periodically.
  • Avoid risky investments.
  • Allocate your assets appropriately.
  • Consult a qualified professional who does not stand to earn from your purchases.
  • Determine your goal and stick to it.

Our litigation practice teaches us how true this final bit of advice is. Annuities and life insurance are expensive, pay big upfront commissions, and may disappoint once the policies – and annual charges and actual returns – kick in.  Direct market returns through tax-deferred IRAs and 401(k)s historically outpace returns on annuities and are much less complex.  Also working for you is your Social Security benefit which is an inflation-adjusted creditworthy annuity far superior to anything offered in the marketplace. Keep in mind that annuities tie up your money for long periods of time and you will pay a surrender penalty to get your money back. There are lots of other ways to benefit from tax deferred savings without tying up your money in an expensive annuity.  If you are considering an annuity, always consult your tax advisor and an investment professional with nothing to gain from a sale.

Contact Us

If you are over 60 and live in Contra Costa County or elsewhere in California and have been sold an inappropriate or unsuitable investment product or suffered loss as the result of securities fraud or on an annuity or life insurance surrender or replacement, contact Ingrid M. Evans and the other annuity and financial elder abuse attorneys at the Evans Law Firm for a free review of your policy at (415) 441-8669, or by email at <a href=””></a>. Our attorneys have experience with complex indexed universal and whole life policies and annuity contracts and cases against large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement.  We also handle cases involving physical and financial elder abuse, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.

Annuities and life insurance produce large sales commissions for brokers but are often inappropriate products for consumers, especially seniors. Leading providers and distributors of life insurance and fixed, variable and fixed indexed deferred annuities in California are listed below.  We are not in any way suggesting that any of these carriers or distributors has done anything wrong.  Rather, the list is provided solely as a reference for our readers.

AIG/American General Life Insurance Company

Allianz Life Insurance Company of North America

American Equity Investment Life Insurance Company

American General Life Insurance Company/AIG

American National Life Insurance Company

Ameriprise Financial/RiverSource Life Insurance Company

Ameriprise Financial/Securities America, Inc.

Athene Annuity & life Assurance Company

Athene Annuity and Life Company

Athene USA

Aviva Life Insurance Company

AXA Equitable Life Insurance Company/AXA US

Bankers Life Insurance and Casualty Company

Brighthouse Financial, Inc./MetLife

Citigroup Global Markets, Inc.

Crump Life Insurance Services, Inc.

CUNA Mutual Group/CMFG Life Insurance Company

EquiTrust Life Insurance Company

Fidelity & Guaranty Life Insurance Company

Forethought Life Insurance Company/Global Atlantic Financial Group

Genworth Life Insurance Company

Global Atlantic Financial Group/Forethought Life Insurance Company

Guardian Life Insurance Company

Guggenheim Partners/Security Benefit Life Insurance Company

ING USA Annuity and Life Insurance Company

Jackson National Life Insurance Company

John Hancock Life Insurance Company

Lincoln Benefit Life Company

Lincoln Financial Group

Massachusetts Mutual Life Insurance Company

Merrill Lynch Life Agency Inc.

Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.

National Western Life Insurance Company

Nationwide Life Insurance Company

New York Life Insurance Company

North American Company for Life and Health Insurance

Northwestern Mutual Life Insurance Company

Oxford Life Insurance Company

Pacific Life Insurance Company

Principal Financial Group

Prudential Life Insurance Company

Raymond James Insurance Group

RiverSource Life Insurance Company/Ameriprise Financial

Securities America, Inc./Ameriprise Financial

Security Benefit Life Insurance Company/Guggenheim Partners

Symetra Life Insurance Company

Transamerica Life Insurance Company

Unum Life Insurance Company of America

Voya/Reliastar Life Insurance Company

Wells Fargo Advisors

World Financial Group Insurance Agency, Inc.

[1] While we do not provide tax or investment advice at Evans Law Firm, we do represent consumers who have suffered losses from fraud, inappropriate investments sold to them by agents and brokers, and other misconduct.

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