My mom recently passed away and her IRA was in a Brighthouse Annuity. I'm trying to figure out what is best for my dad: leave the annuity as is, roll everything into Vanguard, a combination of the two, or something I'm not thinking about at all. There were, what we thought were good, reasons at the time to put mom into the annuity. If she was still living, we'd likely just leave it alone at this point.
I looked online for the financial report and found nothing that matches exactly. I do have a listing of the companies being invested in. It seems like a lot for a 5% guaranteed return. The annuity is Brighthouse Variable Annuity Series C. Maybe I'm just looking in the wrong places.
I haven't called yet, but I suspect there is a penalty for closing the account. I have a maturity date of 11/1/2032 on the forms. I don't even know what questions to ask. We (the kids) would like to put the money into something simpler such as Vanguard Total Stock Market and Vanguard Total Bond Market. It would probably be a 60/40 or 50/50 mix. Dad is 81 this year if that makes a difference to anyone.
I'd appreciate any guidance on how to handle this. I'm in over my head when it comes to dealing with my parent's income.
I looked online for the financial report and found nothing that matches exactly. I do have a listing of the companies being invested in. It seems like a lot for a 5% guaranteed return. The annuity is Brighthouse Variable Annuity Series C. Maybe I'm just looking in the wrong places.
I haven't called yet, but I suspect there is a penalty for closing the account. I have a maturity date of 11/1/2032 on the forms. I don't even know what questions to ask. We (the kids) would like to put the money into something simpler such as Vanguard Total Stock Market and Vanguard Total Bond Market. It would probably be a 60/40 or 50/50 mix. Dad is 81 this year if that makes a difference to anyone.
I'd appreciate any guidance on how to handle this. I'm in over my head when it comes to dealing with my parent's income.