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I’ve met with a few guys from Austin Morris… felt like they were used car salesman.
they tried to make me sign and do everything “quickly,” and wouldn’t explain the fees.
it’s true that the penalties for taking your money out is massive – for example, if you put in 100,000$ in a 25 year plan, and you aren’t happy with it and want to take it out after the first year – you only get back 8,000$!!
Yes, that’s not a typo… that’s saying that you are penalised 92%!!!!
If you want to take your money out at 24 years, let’s again say 100,000$…. you can get back $80,000… so only penalised 20%!
On top of that, as OP mentioned, you have these MASSIVE yearly “maintenance fees,” which they don’t want to tell you about.
based on my calculations, with the fees included, you’ll be lucky to turn a profit even in a bull market… and if it’s a bear market, kiss your money bye bye.
I feel bad for people who get caught up in these scams – they can really **** you over.
My suggestions: scottrade… be your own financial adviser.