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Article: Surprised Investors Find Their Nest Eggs Are Variable, Vanishing.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- June 2, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Paul Wenske, The Kansas City Star, Mo. Knight Ridder/Tribune Business News
Jun. 2--After putting two children through college, Tim and Kay Plumlee still expected a comfortable retirement with help from $126,000 remaining in Tim's profit-sharing plan at work. But when a broker told them how they could boost that tidy sum with a guaranteed 6 percent annual return by investing in a variable annuity, the Plumlees, of Ulysses, Kan., jumped at what seemed a profitable, risk-free investment.
"It seemed too good to be true," Kay Plumlee said. Two years later their retirement nest egg has dwindled to $60,000. The couple, who are in their 60s, have ...