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Old 04-06-2021, 10:06 PM   #21
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I know there are a gazillion variations but I believe most fixed annuities have a minimum interest rate that is effective after maturity if you do not cash it out. These may be much lower than the contract rate but with the alternatives being dismal it may be worth leaving the money with the insurer and withdraw as needed. The 5 yr MYGA I just acquired pays 3.05 pct during the guarantee period. After that it pays a flat 1 pct (for 30 yrs, I think). There is a good chance that 1% will be a decent rate in 5 yrs. At least it won’t be too painful while I find a new home for those funds. So I say dig deep into the details of your annuity to fully understand what it offers.
Agreed, I've seen a dismal annuity that now looks nice as it pays 2% per yr.
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Old 04-07-2021, 07:40 AM   #22
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Thank you for the advice. I did mean 2025
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Old 04-07-2021, 07:56 AM   #23
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OP here just doing a follow up.

The annuity has never been transferred because Sentinel Security (where it is now) still insists they never received a 1035 from Transamerica to move it. Transamerica insists they sent the completed 1035 and letter of acceptance five times....3 by mail, 2 by fax, once by email.

My sister has opened a complaint with the Michigan Department of Financial Services which manages insurance concerns. They told her they are submitting inquires to both companies, and they have 20 days in which to respond.

Meanwhile, the fixed annuity contract has renewed at Sentinel for another five years at 2.9% interest. I asked her to check that interest again because so many of you were impressed at that amount....and yep...she emailed me a copy of the renewal letter stating 2.9% for five years. She agrees this whole thing could have been in her favor, but is still angry that her instructions weren't followed.
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Old 04-11-2021, 09:22 AM   #24
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OP here just doing a follow up.

The annuity has never been transferred because Sentinel Security (where it is now) still insists they never received a 1035 from Transamerica to move it. Transamerica insists they sent the completed 1035 and letter of acceptance five times....3 by mail, 2 by fax, once by email.

My sister has opened a complaint with the Michigan Department of Financial Services which manages insurance concerns. They told her they are submitting inquires to both companies, and they have 20 days in which to respond.

Meanwhile, the fixed annuity contract has renewed at Sentinel for another five years at 2.9% interest. I asked her to check that interest again because so many of you were impressed at that amount....and yep...she emailed me a copy of the renewal letter stating 2.9% for five years. She agrees this whole thing could have been in her favor, but is still angry that her instructions weren't followed.
I suspect that now that the Michigan Department of Financial Services has gotten involved; the issue will be resolved.
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