Thx all, appreciate the feedback you've already given.
My advisor said she is a fudiciary As others have said, this looks unlikely. How are you paying her?+ that because I said my main concern was keeping + not outliving my $$, she thought the annuity was the way to go, not sure if I totally believe that since like I said before most everyone I spoke to recommends annuities. Maybe, maybe not. From what you are saying, however, the people you have been talking to have a vested interest in selling you bad annuities
The other part is that I don't believe she told me till after I had signed the papers it is for 16yrs! This is where it really shook me up + I have since told her I don't want to do it. That annuity is called American Equity Bonus Gold with a lifetime income benefit rider. It is a fixed index annuity + she said it would make 6% compounding interest a year. Plus if I became unable to perform 2 of my activities of daily living + had a MD note then the monthly benefit would double every yr for up to 5yrs. Bad Annuity, see the link from Ready. Generally, simple annuities can be good. ($X per month, for life), while complexity is bad--and this is pretty darn complex
I have had long term ins for yrs already thru Genworth that is a lifetime plan that I have been grandfathered in, but I worry about being able to afford it in the future as I now pay 605 quarterly + have already had to change the compound interest over to simple as the cost went up to over 800/quarter alittle over a yr ago. This may end up being a sunk cost.No matter what, don't throw good money after bad. (Could be a good policy too--I won't be buying LTC, so haven't examined closely.)
She has of course already moved my money from my 401k into it, but my 30days right to look is not up yet, so she said she sent me a letter to sign, which I haven't received yet, to move it over to an IRA w/ Fidelity, in there as cash approx 111k. Cancel. Why did you choose Fidelity for the IRA, versus another provider? Or, did advisor choose it for you? If the latter, what reason given?
I have not looked at this yet but it is a Fidelity Premiere Select IRA + I'm guessing she is getting something out of it. I checked + I cannot return my money to my 401k. You need to start looking....
She moved some other money I had from another IRA brokerage acct, 89k to this Fidelity acct as there were a lot of trading fees going on, 1 acct had been traded over 2000 times! In the fall of 2015 I was working w/a different financial person who put me in that acct + also put me in another annuity, a Metlife Shield index annuity, where it will grow but I can also lose money if the market drops more than 10%., there's approx. 100k there. This is probably another Bad annuity ("index") What is the cost to back out--if you even can? As others suggested, a complaint to the old brokerage and FINRA may be in order
I have been back + forth in my thinking if I should take SS now or try to hold off, my current mo amt would be 1656 per online statement. You need to look closely at this; don't make a hurried decision. Married or not? Likely lifespan of you (and any spouse)?So again, any advice is greatly appreciated!! Thx soooo much.