Mom took lump sum of inherited qualified Equitable annuity. Too late to put in inherited IRA? My mother recently inherited two qualified Equitable annuities totaling about $60k. She opted to take the lump sum instead of roll it into an inherited IRA. I don’t know if she realized what she did or if she just wanted the money. She’s in the 22% tax bracket but this income puts her into the 24% bracket. Is it too late to take the funds back a…

I got wrangled into an Equitable Annuity – Am i screwed? Long story short i got wrangled into a Equitable Structured Capital Strategies PLUS 21 – Traditional IRA. I’ve been reading a lot of mixed opinions on this annuity. My money is going to be tied up for 6 years. Is the fund doing well or am i going to be severely behind on my investment after 6 years? It seems to be doing pretty good? my quarterly…

16 year old son has an annuity Good morning yall. My son has had an annuity set up since 2013 from a settlement due to his dad being killed by a drunk driver. I was told it would be safe over the years and it’s with a reputable company (USAA) so I haven’t thought much about it. However, I got a little concerned in 2017 because I hadn’t ever received any documents about it so …

What should I do with my annuity? I have $100k in an annuity which is about 10% of my total portfolio. I am approaching retirement and trying to get away from my financial advisor who charges a 1% fee, and I have rolled everything over to Vanguard except for this annuity. The 3 options I’m considering are: – Do a 1035 exchange of the annuity into Fidelity, but I’m unsure which t…

I Was Gifted an Annuity Several years ago my mom (then about 80 yo) told me that 20 years before that when my brother died at age 30 he had left a small annuity. As his next of kin she had inherited it when he died intestate. He was a biker who died in a street fight so him having left an annuity was odd, but ok fine. The reason my mom brought this up was because she h…

My advisor is suggesting I move my IRA to an annuity a SCS with upside protection I’m a 35-year-old female stay-at-home mom (SHM). I’ve rolled over all of my 401(k)s from previous employers into an IRA with my FA. My husband, 37, continues to work and earns about $70k per year. He also has a 401(k) from his employer and a pension. We own one rental property that generates about $20k in profit annually. The IRA I’m currently i…

Life insurance asking us to decide on either a lump sum, deferral, or annuity option for my recently widowed mom. My father had a fixed annuity Allianz policy when he died, and now they are asking my mom to take a lump sum or a 5/10 year deferral of $82K, or an annuity for $108K. My instinct is annuities are usually not a good option, and to just take the lump sum and invest it in an S&P 500 index fund, but am I missing something here? Thanks. submitte…

What to do with my Annuity? Hello, I am currently 36m and trying to understand what my financial advisor set up a few years ago. Currently have two accounts in an annuity first is a 403b and total balance is $17.5k with a surrender value of $15.5 The second is a Roth Ind retirement annuity worth $2.27 surrender value of $2k My questions are can I transfer them from Nation…

Single premium deferred annuity for father-in-law – 83 years old. Annuity Start date 2036 My parents-in-law just shared the news that their financial advisor has sold them an annuity for $500k, they have 3 days left to cancel the contract. My father-in-law had a heart attack last month and is suffering from dementia. Is this, in any possible way, good advice ? He has more than sufficient wealth and income to live on without this annu…

Need help understanding why one would do an annuity So the other day a family member said I should pull the trigger and retire in a few years and setup an annuity. While I’ve followed the FIRE path for a long time and am well vested with 401k/IRA, etc., I knew very little of an annuity. So began my research. Now here am I wondering, why in the world would anyone actually do this? Is there a legit…

Mom stole my annuity and didn’t pay taxes Not sure if this is the right place for this post, delete if not allowed. Long story short, my dad died when I was 4 and my mom sued for medical malpractice and got money from it. Claims she bought an annuity for me with some of the money and says she didn’t have to do it, that the money is “hers”. All my life she would talk about how I have thi…

Annuity Inheritance by a Minor Hello! Looking for thoughts and ideas on the below scenario. Certainly, professional tax, finance, and investment consultations would be the standing recommendation for the next steps. Before this, please share yours. Details: Elderly family member establishes life insurance annuity. The beneficiary is a minor (preteen) at the time of passing. …

Life insurance vs annuity death benefit payment confusion (read body in post) I am fully uneducated in this area and would like some advice. My mother passed away a few months ago and I have found that after her death she’s had a couple of life insurance policies and annuity accounts. I am unsure of the difference between the two. I live in a different state of my mother and do not have access to her policies to see the d…

Talking to My Dad About (not) Moving Retirement into an Annuity To preface, I’m working my way through the prime directive pages on retirement, but I figured I’d end up back here anyways My dad is less than ten years from retirement and has only around 100k in retirement savings. I’m not completely clear on the story, but he ended up talking to someone at a local bank about retirement and they’re suggesting…

Annuity with annual ratchet death benefit (Voya GoldenSelect Premium Plus) Can somebody please explain this like I’m 5? The statement says it’s non-qualified with a commencement date of 2049. I’m trying to help my BIL sort through his financial situation. His wife has suffered a stroke and the annuity is in her name. She may live for a long time but will require constant care and has limited speech. BIL does not need t…

Retirement Annuity? Worth it? I just watched a show at a Hotel. It was “Money for Life” and it talked about Annuities for retirement saving. I’m only 23 years old, but my mom is getting on in years and she has nothing ($0) in retirement! Are annuities worth looking into? Are they business based or government based? Any bad experiences? submitted by /u/Aliraj123

Is fixed index annuity a scam? I found that in my Chinese community there are many insurance agents or so called financial consultants constantly promote sales of the fixed index annuity. They claimed that it keeps growing and no tax for interest gains. From my intuition, I don’t trust them. I am wondering if anybody knows about it? submitted by /u/muddyyman …

How to seed a annuity plan? I am close to signing up for an annuity plan, wanted to know if my parents can seed some for me and I add some to it? All seed money is after tax. submitted by /u/Proud-Law-5150

65 yo father is considering moving 401K funds into a NY Life Variable Annuity (FP Series). Good or bad idea? It has an annual death benefit reset rider to protect against market downturns. The fees are a bit steep initially, but go down over time. He has other sources of retirement income (pension, rental properties, etc) and will not need to access these funds anytime soon, if ever. The primary goal here is to secure generational wealth. Any and all f…

85k Windfall but I can only use it on buying a home or an annuity. Which one? I am 33 years old and my father passed away 3 years ago and died penniless in a care facility. My grandfather passed away 1 year ago and… well he was quite a bit well off. All his kids and grandkids got a bit of money, but considering the unfortunate circumstance of my father, I was given quite a bit more. My Uncle (the executor of the estate)…