eminded26 wrote:Why would it be so bad if that's what they did?
Bought an annuity within an IRA?
What questions should we be asking the broker?
eminded26 wrote:Thanks all.
I spoke with my parents and they're going to poke some questions at the broker.
It was a matter of trusting the broker and going with his recommendations.
We're talking hundreds of thousands of dollars in there...
At the very least, I'd like to see it moved into a low-cost mutual fund at Vanguard.
They got $31K when they signed up. There would be a diminishing cost (penalty) to surrender early. They're in the 4-5 year mark of an 8 year commitment.
eminded26 wrote:They gave them $31k to sign an 8-year commitment.
ruralavalon wrote:Find out, what the penalty is for surrender right now? For surrender at 5 years? At 6 years? At 7 years?
Then you and your partents can make a decision about when is the best time to bail out of this monster.
eminded26 wrote:Parents are looking into moving their Traditional IRA away from what AXA Equitable Calls their Accumulator Plus IRA.
From what I could gather, the funds it's investing in and expenses are such:
EQ/Common Stock Index
EQ/International Core PLUS 0.83%
EQ/BlackRock International Value - 1.43% (5.25% front-load)
EQ/T. Rowe Price Growth Stock - 0.73%
EQ/GAMCO Small Company Value - 1.12%
They're looking at a simple Index fund, like a Vanguard Target Retirement 2015, instead. Expense ratio - 0.18%.
This AE product was sold to them by a broker at Wachovia.
Anybody have any good or bad feelings about either product?
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