Reducing the tax incentives to participate in 401(k) plans – one idea the president and some on Capitol Hill are considering to avert the fiscal cliff – has led some observers to speculate that variable annuities will become more important in 2013 as the best remaining tax-deferred savings vehicle.
But insurance expert Glenn Daily, a variable annuity skeptic, remains firm in his opposition. Asked, in an interview with AdvisorOne, whether the fiscal cliff would increase demand for the much maligned product, the New York-based fee-only advisor refused to speculate, saying, "I don't know. We'll have to wait and see."
While there are some cases in which Daily says variable annuities are advisable, the independent insurance consultant's main advice about VAs continues to be: Stay away!
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.