As bad as this was, I was assured that on turning 71 a 75% guarantee would kick in. I'd get back 75% of my original investment or $3147.53. This was guaranteed.
Well, I turned 71 and I didn't even walk away with my guaranteed amount. After contacting London Life in July, an investment expert appeared at my door. He was only involved for a brief time but between then and December 5.6% of my guaranteed amount vaporized. Amazing.
While the experts were investing my retirement fund, I was buying Fortis shares. I see Fortis as a solid investment for a retiree. It goes up and down in value but it always delivers a decent dividend. My Fortis grew by more than 10% in the time that my Freedom Fifty-Five fund shrunk 5.6%.
My Fortis pays 4.4% on my original investment. If my guaranteed funds had been put into Fortis, I'd already have been sent about $35. Granted, that's not much but it's still $35 more than I got from my Freedom Fifty-five investment. I was invested for almost 19 years and received not one penny of retirement income.
I'm going to let London Life and Freedom Fifty-five know about this post. If anyone at the London firm wants to explain how their whiz-bang investment experts lost not only a lot of my original funds but under their guidance continued to lose big chunks of retirement funds, they are more than welcome to post a comment.
A late add: I never heard a peep from them. Not one word.
