Variable Annuity Salespeople: Just Because You’re Paranoid Doesn’t Mean I’m Not Out To Get You

variable_annuity
Variable Annuity = Shit Sandwich

A funny email note went out yesterday from the National Tax-Deferred Savings Association (NTSA) about my article on the terrible retirement product teachers generally get, from an organization funded by the people selling those terrible products. By their note I gather they support the selling of shit-sandwich annuities to retirees, stuffing unsophisticated people’s retirement accounts with high cost, illiquid, low return, garbage.

Anyway, in a newsletter to their constituents, the NTSA wants you to know there’s something fishy about the timing of my column:

“An article titled, “Texas Teachers Get Poor Retirement Advice and Worse Options,” ran in the Houston Chronicle over the weekend. Its timing is probably not coincidental.”

I honestly have no idea what the ‘coincidental timing’ they are referring to is. But I know that if you have something you’re doing that seems kind of wrong, truth-telling at any time can seem threatening.

I write what I want, when I want to. Unlike the NTSA, I’m not selling anything terrible, or anything at all. By their paranoid response, I gather they are.

 

 

Please see related post in the San Antonio Express News and Houston Chronicle

And the post on Variable Annuities = Shit Sandwich

 

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I founded Bankers Anonymous because, as a recovering banker, I believe that the gap between the financial world as I know it and the public discourse about finance is more than just a problem for a family trying to balance their checkbook, or politicians trying to score points over next year’s budget – it is a weakness of our civil society. For reals. It’s also really fun for me.

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