~8 years ago, when I was in my mid 20's, I wanted to start investing but had no clue what route to take. I researched a little and decided a Roth IRA would be the best place to start. A friend's uncle worked in finance and said he'd set it up for me and I sent him a $2000 check.
I didn't pay attention to that investment for many years. When I finally did look at it I found out what he set up was a "Super Max Annuity" (that was done via a Roth IRA). After reading about what an annuity was it seems like this was a really bad choice for someone in their 20's and not what I asked for besides. I even read that some unscrupulous financial advisers push annuities because it earned them easy commission. I feel a little taken advantage of; it barely earns enough to keep up with inflation (~2.15%).
Should I take the 10% tax hit to pull all the money out and invest it somewhere else?
Should I tell my friend's uncle (who is still the "representative" for the account) that I'm unhappy with what he did and ask for options to roll the money into some other type of investment that won't incur the tax penalties?
Or should I even consider leaving the money where it's at?