Variable annuities still stink, as Clark explained to a caller during this segment. They're a four-letter word here on the show, and they're really nothing more than a contract with the insurance company that masquerades as an investment with insurance wrapped around it.

Here are some of the consumer champ's main takeaways for you:

• Variable annuities come with huge sales commissions, huge expenses and create a huge tax burden for you.

• Variable annuities are designed to be spent only when you're 59 1/2 or older. If you want your money earlier, you'll pay a 10 percent penalty.

• You must pay a massive fee known as an early surrender charge if you want out of a variable annuity before you've owned it for 10 years.