I am going to ask this question to everyone, although I probably know the answer I just want some reassurance. First about myself.
I am a few years shy of 40 years old and work for the government. I max out my TSP every year and am in a law enforcement covered position so I can retire at age 50 if I want. I hope to retire at about age 52. I have a few other investments on the side and also have an inherited IRA because my parents died way too soon, thus the desire for me to retire early and enjoy life. The inherited IRA has a decent amount of money in it and I use the RMDs for a good vacation each year because every year in life is a year closer to death! I figure I max out the TSP and have the government pension.
Now on to the inherited IRA. My parents had a financial adviser and he's a nice guy. I thought I knew about money when I received the IRA but I really didn't. Now I've been read John Bogle's books and been hanging out here. Anyways, he sells me this "great" annuity that guarantees 7% if I leave it in there 7 years with a stepped up rider benefit. I'm thinking, "Wow this is great, 7% guaranteed. He knows what he's doing."
Now I'm thinking transfer it all to Vanguard and take care of it myself. Sure he's a great guy, calls me on my birthday, sends me chocolate, calls once a year, but then I think he really ripped me off putting that money into a variable annuity. There are two separate annuities and ones surrender value is the same as it's balance the other is about $10,000 below it's balance. Should I wait until it's surrender value is the same as it's balance? Also how do I go about letting him go. Just call Vanguard and have them handle the transfer and tell him thanks for the good times?
I'm considering waiting until the surrender value is the same as the balance. I also trasferred some old traditional IRAs to him from previous employer rollovers. I'll probably just put it all in Vanguard.
I am a few years shy of 40 years old and work for the government. I max out my TSP every year and am in a law enforcement covered position so I can retire at age 50 if I want. I hope to retire at about age 52. I have a few other investments on the side and also have an inherited IRA because my parents died way too soon, thus the desire for me to retire early and enjoy life. The inherited IRA has a decent amount of money in it and I use the RMDs for a good vacation each year because every year in life is a year closer to death! I figure I max out the TSP and have the government pension.
Now on to the inherited IRA. My parents had a financial adviser and he's a nice guy. I thought I knew about money when I received the IRA but I really didn't. Now I've been read John Bogle's books and been hanging out here. Anyways, he sells me this "great" annuity that guarantees 7% if I leave it in there 7 years with a stepped up rider benefit. I'm thinking, "Wow this is great, 7% guaranteed. He knows what he's doing."
Now I'm thinking transfer it all to Vanguard and take care of it myself. Sure he's a great guy, calls me on my birthday, sends me chocolate, calls once a year, but then I think he really ripped me off putting that money into a variable annuity. There are two separate annuities and ones surrender value is the same as it's balance the other is about $10,000 below it's balance. Should I wait until it's surrender value is the same as it's balance? Also how do I go about letting him go. Just call Vanguard and have them handle the transfer and tell him thanks for the good times?
I'm considering waiting until the surrender value is the same as the balance. I also trasferred some old traditional IRAs to him from previous employer rollovers. I'll probably just put it all in Vanguard.