Billy, thank you for the comments. I want to keep your negative and off-based comments public as we believe that others need proper education about annuities (and that you can't lump them all into one category as you have done in your comments). It would be like saying every Ford truck is a lemon because they had to recall a small batch of them. It just isn't fair to lump thousands of similar products into one big batch in any industry. Same goes for annuities.
There are both good and bad annuities, each with their own pros and cons. In fact, that is the entire premise of this YouTube Channel. We don't even sell or make money from annuities here at Retirement Think Tank. We just want to educate people like yourself who have been told or led to believe misleading information.
Here are the corrections to your statements: This video discusses fixed and fixed indexed annuities (not variable annuities), of which there are no fees. And ironically, the fixed annuities just hit all-time lows of total complains (less than 1% of all owners ever make a single complaint). Annuities have been around in the world for over 1,000 years and what we are discussing is not some "new scam". In fact, fixed annuities are as simple as a bank CD but have some advantages such as higher rates of return and tax deferral. If you believe that bank CD's are scams too, then that is your own prerogative.
The one comment you had spot on was your last statement. Do your RESEARCH before ever buying an annuity. And that goes for yourself. You might even want to watch this video again as it is powerful education on one of the most misconstrued ideas on annuities...that they make good investments. Truth is, they don't. They are an income generating tool and retirement protection tool.
Best way to put it, fixed and fixed income annuities (NOT variable annuities that you seemed to be lumping in your comments) are one of the only contractually guaranteed income vehicles in the country. And people that bought these types of annuities in 2005-2008 didn't lose a SINGLE DIME when the market crashed. In fact, they actually made money! If that is a scam, then what do you consider Wall Street and the greed that led up to the collapse?
Best of luck and continue to do your research and get educated. We will keep putting out great content that opens the eyes to both the pros and cons of annuities.