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COPYRIGHT 2004 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com
Byline: Jane Bryant Quinn (Reporter Associate: Temma Ehrenfeld)
You rarely find me so deeply angry at a common investment product that I dream of blowing it to smithereens. Especially one that's sold by America's leading financial institutions, commands $393 billion in assets and sounds like a winner for retirees. But stand back, I'm going to light the fuse. My target: tax-deferred, variable annuities--a name that hints of probity, with a soupcon of tax savings on the side. What a laugh. It will cost you more in taxes and possibly risk your security, too. "I cannot imagine a personal financial situation where I'd recommend a VA as a good idea," says actuary John Biggs, former chair of TIAA-CREF pension funds.
Before going forward, let me define the...
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