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Section 226 Retirement Annuity Contract
Comments
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The question is,single life,paid in arrears,no guarantee,what if you died in the first year,you would lose the lot...at least if you took 25% and GARS for the rest you would have something?0
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The question is,single life,paid in arrears,no guarantee,what if you died in the first year,you would lose the lot...at least if you took 25% and GARS for the rest you would have something?
Do you think you would be in a position to care? Actually the real financial risk with old age is that you live too long and exhaust your non-pension assets.
Also something to beware of with GARs (whether it applies to section 226 I have no idea): the GARs may be only applicable for the pension terms as stated. If you change the terms the GARs may well not apply - the pension companies would rather not pay GARs if they can avoid it.
Agree with previous comments that it would be very foolish not to take the 100% pension unless you really dont need the income and are desperate for cash now.0
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