Search found 7 matches

by futtee
Thu Oct 23, 2014 1:56 pm
Forum: Personal Investments
Topic: Seeking Advice on MetLife VA Annuity
Replies: 17
Views: 1860

Re: Seeking Advice on MetLife VA Annuity

Great link dodonnell, thanks for posting. This further validates my decision to bail.
by futtee
Thu Oct 23, 2014 10:52 am
Forum: Personal Investments
Topic: Seeking Advice on MetLife VA Annuity
Replies: 17
Views: 1860

Re: Seeking Advice on MetLife VA Annuity

Thanks so much LongerPrimer, Mel, et al. I have spent numerous hours speaking to the MetLife rep, Vanguard reps, and doing independent research, and I have determined that I am going to go ahead and transfer this annuity into a Traditional IRA at Vanguard. The 10 year 5% GMIB just does not make sense for me since I can't withdraw the money without penalty for another 16 years. I am also uncertain that I will want to take withdrawls when I am eligible as my husband will just be turning 70 and will start Social Security plus RMD's. He will also still be working. Our children will be in college. We will want to keep our income fairly low for EFC purposes, so I am now seeing no reason at all to keep this annuity. I feel certain that my money wi...
by futtee
Thu Oct 23, 2014 10:42 am
Forum: Personal Investments
Topic: Annuity 1035 exchange to IRA?
Replies: 8
Views: 1013

Re: Annuity 1035 exchange to IRA?

I have just spent hours and hours researching this, and I am in the process of transferring a qualified IRA that is in a Metlife Variable Annuity to a Vanguard Traditional IRA. So yes, it can be done as long as it's qualified. Make sure you look at surrender fees, GMIB rider fees, etc. so you know what charges you will incur. In the end I decided it was worth it to take a 4% hit on surrender charges and do the transfer. I have been paying almost 4% a year in fees, so it ends up being a wash. Hopefully I will make up the charges in a year or two.
by futtee
Tue Oct 21, 2014 3:42 pm
Forum: Personal Investments
Topic: Seeking Advice on MetLife VA Annuity
Replies: 17
Views: 1860

Re: Seeking Advice on MetLife VA Annuity

LongerPrimer,

What is an income balance?
The Account balance is $93K and change.
The GMIB rider's guarantee is 5% in and out.
Purchased in September of 2010.
Met has not offered to buy it back, I didn't know that was even a possibility? Do insurance companies do annuity buy-backs?

Thanks for insights. It's interesting to hear that you're a fan of annuities!?
by futtee
Tue Oct 21, 2014 12:26 pm
Forum: Personal Investments
Topic: Seeking Advice on MetLife VA Annuity
Replies: 17
Views: 1860

Re: Seeking Advice on MetLife VA Annuity

Thanks for the great advice. I worked on this a bit more today. I determined that it is a qualified IRA. My surrender charges are 4%, and my annual fees total 3.91%. It seems to make sense to just transfer this money to a Vanguard IRA account and go from there.
by futtee
Tue Oct 21, 2014 5:24 am
Forum: Personal Investments
Topic: Seeking Advice on MetLife VA Annuity
Replies: 17
Views: 1860

Re: Seeking Advice on MetLife VA Annuity

Thanks Mel! I was trying to determine how long it would take me to make my money back. I can handle two years, and will sleep better at night once everything has been migrated over to Vanguard.

Another question for anyone who might know. The annuity is in an IRA. If I transfer it to a Vanguard IRA (non-annuity), will I need to pay taxes on the gains?

Thanks.
by futtee
Mon Oct 20, 2014 6:11 am
Forum: Personal Investments
Topic: Seeking Advice on MetLife VA Annuity
Replies: 17
Views: 1860

Seeking Advice on MetLife VA Annuity

Hello Bogleheads, Newbie poster here. Thanks so much in advance for your insights. This is an amazing resource and an impressive community of generous, knowledgeable people. :happy I am in the process of learning investing basics so I can fire my FP and do it myself. I have a non qualified IRA in a Metlife Variable Annuity. I have discovered that I'm paying well over 4% annually between fees, GMIB rider, and funds (70% Metlife Asset Allocation 40 Portfolio, 30% Pimco Total Return). There are steep surrender charges. 5% this year, 4% next year, 3% the following, etc. and I cannot surrender without charges until September of 2018 (I think). Balance is around $93K. I can't receive distributions for another 16 years, as I'm only 43. The way I s...