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Why Is The Government Accountability Office Recommending Annuities?

Saturday, July 9, 2011 - 10:52 AM
From Moneyland | TIME.com
The Government Accountability Office is supposed to be a government watchdog: keeping an eye on public funds and looking out for self-dealing, all while making sure that the taxpayers are getting a fair shake.

That’s why it’s more than a little disconcerting that the GAO is now promoting annuities as a retirement tool. Over at TheStreet.com, Gary Weiss reports on a recent GAO report that says, “Experts we interviewed tended to recommend that retirees draw down their savings strategically and systematically and that they convert a portion of their savings into an income annuity to cover necessary expenses.”

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