Need some help with my IRA

[MtnDave]

My financial advisor has recommended that I invest in a "sort of" variable annunity - the Ameriprise RiverSource Variable Annunity - RiverSource Retirement Advisor 4 Advantage or Select. I downloaded a copy of the prosepective but it is 124 pages and will take me a while to read.

Supposedely this has a Guaranteed Miniumum withdrawal benefit (GMWB). and guaranteed downside protection.
The fee is 0.75% + 0.60% for the GMWB. We are looking at investing about $100K.

In general, I have not heard good things about variable annunities, but he says this one is "different".

As for me, I am 59 and retired and have a very diversified portfolio that is moderatley agressive, but I do need income to live on.

Anybody know anything about these annuities? Thanks.

[mwgr5]

I am not an annutiy expert. You really need to research this though. Beware that advisors get the biggest commisions from annuties. Also if you have an Ameriprise advisor and they are pushing an Ameriprise product, I am guessing the commision is even higher than normal for selling a company product to a client. I would definitley research this.