Variable annuities can be considered bad for several reasons. First, they often come with high fees and expenses, which can eat into the potential returns on the investment. Additionally, variable annuities are complex financial products that may be difficult for investors to fully understand, leading to confusion and potential mismanagement of the investment. Another drawback is the lack of flexibility and liquidity, as variable annuities typically have strict withdrawal rules and penalties for early withdrawals. Furthermore, the tax treatment of variable annuities can be less favorable compared to other investment options, potentially resulting in higher tax liabilities for investors. Finally, variable annuities often come with a range of optional features and riders, which can further increase costs and complexity without necessarily providing significant benefits. Overall, due to their high costs, complexity, lack of flexibility, and potential tax disadvantages, variable annuities may not be the best choice for many investors seeking to build wealth for retirement or other financial goals.