Search found 9 matches

by hbus1300
Sat Nov 02, 2019 6:50 am
Forum: Personal Investments
Topic: Annuity Question - Automatic Step-up feature of living benefit
Replies: 6
Views: 475

Re: Annuity Question - Automatic Step-up feature of living benefit

Is this annuity inside an IRA? It might make a difference due to taxes. If inside an IRA, it may need to stay within an IRA after cashing it to avoid immediate taxes on everything. If in taxable account, it might make sense to directly exchange to a cheaper annuity or SPIA and spread out taxable in...
by hbus1300
Fri Nov 01, 2019 2:30 pm
Forum: Personal Investments
Topic: Annuity Question - Automatic Step-up feature of living benefit
Replies: 6
Views: 475

Annuity Question - Automatic Step-up feature of living benefit

Preface - My father has several annuities that were SOLD to him in lieu of good products. We're going to be able to get out of these soon as he's going to hitting the date the surrender fee goes away. Current question He just got a letter from transamerica stating the below and he asked me what it ...
by hbus1300
Fri Mar 22, 2019 3:13 pm
Forum: Personal Investments
Topic: Please help me decipher this Variable Annuity - Details in post
Replies: 15
Views: 1505

Re: Please help me decipher this Variable Annuity - Details in post

This is like an investment timeshare, so good you have to pay to make it go away. Yup. The “advisor” got paid - typical commission is 8% - and that comes out of the fees over the years. If you surrender then the annuity issuer doesn’t get the fees so in effect your Dad has to cough up the advisor’s...
by hbus1300
Thu Mar 14, 2019 3:19 pm
Forum: Personal Investments
Topic: Please help me decipher this Variable Annuity - Details in post
Replies: 15
Views: 1505

Re: Please help me decipher this Variable Annuity - Details in post

Its a small Registered Investment Advisor situation. There are three partners and a small staff that work out of an office. They're not large.

One VA is in a Inherited IRA the other VA is in a rollover IRA from 401k. I'm not sure that rule would apply in this case, but i'm going to research that.
by hbus1300
Thu Mar 14, 2019 2:04 pm
Forum: Personal Investments
Topic: Please help me decipher this Variable Annuity - Details in post
Replies: 15
Views: 1505

Re: Please help me decipher this Variable Annuity - Details in post

Update to this saga. Reviewed the book like "policy" in detail and it turns out he was sold an optional 4 year surrender period. So while he's paying an extra .40% for that privilege, at least he'll be able to move to vanguard sooner and without further penalties. I wish I could file an SEC complain...
by hbus1300
Fri Feb 22, 2019 11:09 am
Forum: Personal Investments
Topic: Please help me decipher this Variable Annuity - Details in post
Replies: 15
Views: 1505

Re: Please help me decipher this Variable Annuity - Details in post

Thanks. That was my take as well there. Need to find out how long we have for that surrender charge to diminish. Later yesterday I also found that this same "advisor" transferred 50k out of my dads 401k into ANOTHER annuity. I don't have the details on that trash yet. But that seems borderline crimi...
by hbus1300
Thu Feb 21, 2019 4:28 pm
Forum: Personal Investments
Topic: Please help me decipher this Variable Annuity - Details in post
Replies: 15
Views: 1505

Please help me decipher this Variable Annuity - Details in post

Short story is I just found out my father has this. I thought he was in a Inherited IRA with mutual funds, and it turns out it is a Inherited IRA but its also a Variable Annuity. I'm a proud vanguard customer and love my index funds. I have a low level of knowledge as it relates to Variable Annuitie...
by hbus1300
Wed Feb 04, 2015 9:58 am
Forum: Personal Investments
Topic: How to advise 23 year old brother with $50k
Replies: 13
Views: 1924

Re: How to advise 23 year old brother with $50k

Thanks everyone for the responses. I'm definitely going to recommend this site for a read, hopefully he does. Like many of you said, sometimes you have to learn the hard way, I know I did. I just look back and wish I would have had someone giving me solid good advice when i was that age. But, that s...
by hbus1300
Tue Feb 03, 2015 10:42 am
Forum: Personal Investments
Topic: How to advise 23 year old brother with $50k
Replies: 13
Views: 1924

How to advise 23 year old brother with $50k

My brother is active duty Air Force for 4 years and has saved roughly 50k that just is sitting in a checking account earning nothing. I'm not sure if he's intentionally saved as much as he just hasn't spent. He currently doesn't contribute to the TSP as he doesn't see value in retirement right now. ...