OK. first let me say I posted this question on another popular site and it didn;'t go so well. lol
so, right off the bat, my wonderful old guy is deceased, telling me he was "stupid" for purchasing an annuity or that I was "stupid" because he handled the investments and I didn't know every detail, isn't really helpful. Yes I know I'm asking for opinions but what is done is done. so while I'm usually thick skinned, I really don't like hearing how stupid he was for being "suckered" into buying an annuity.
lol, yeah I know it's a public forum..
It's probably the only thing I've just let ride and not paid any attention too mainly because It said that if I tried to surrender it before maturity I would pay a penalty.
Anyhoo, I inherited a variable annuity from the old guy. He purchased it a year before he died and in November I can "surrender" it out without a penalty.
Its with AXA equitable variable annuity. the current account value is 503K. when I called, the representative said if I turned on payments at 60 (2 years) it would pay 20,000 a year. he said it's invested in Moderate growth strategy
it does have a guaranteed minimum death benefit of 400,000.
Couple of questions.
I know annuities are supposedly expensive, where can I find the expense ratio. I asked the representative and he said he would email me a prospectus but haven't gotten it yet?
Would you surrender? I admit that having a guaranteed 20,000 a year is attractive.
What other considerations should I be rolling around the noggin?
How can I plug this in firecalc?
so, right off the bat, my wonderful old guy is deceased, telling me he was "stupid" for purchasing an annuity or that I was "stupid" because he handled the investments and I didn't know every detail, isn't really helpful. Yes I know I'm asking for opinions but what is done is done. so while I'm usually thick skinned, I really don't like hearing how stupid he was for being "suckered" into buying an annuity.
lol, yeah I know it's a public forum..
It's probably the only thing I've just let ride and not paid any attention too mainly because It said that if I tried to surrender it before maturity I would pay a penalty.
Anyhoo, I inherited a variable annuity from the old guy. He purchased it a year before he died and in November I can "surrender" it out without a penalty.
Its with AXA equitable variable annuity. the current account value is 503K. when I called, the representative said if I turned on payments at 60 (2 years) it would pay 20,000 a year. he said it's invested in Moderate growth strategy
it does have a guaranteed minimum death benefit of 400,000.
Couple of questions.
I know annuities are supposedly expensive, where can I find the expense ratio. I asked the representative and he said he would email me a prospectus but haven't gotten it yet?
Would you surrender? I admit that having a guaranteed 20,000 a year is attractive.
What other considerations should I be rolling around the noggin?
How can I plug this in firecalc?