My bank wants to sell me an annuity — should I buy?

The steady path to a dream retirement

My bank has asked me if I want to put my money into an annuity. I don’t know if this is a wise move or not, so I’m not sure what to do. What do you think? –Charlene

The Wells Fargo scandal has focused attention on a longstanding marketing technique in the banking world known as cross-selling, or convincing customers who already have, say, a checking and savings account to sign up for a credit card, invest in the bank’s mutual funds or, yes, even buy an annuity. Depending on how aggressively this practice is carried out, cross-selling might consist of little more than a suggestion (or two or three) to consider another product or service, or it could involve sales quotas, commissions or other payments that might induce bank reps to foist products and services on customers that they may not want or really need.

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