Invested all $ w/AXA annuity. Refinanced,chked w/adviser b4,he set up change w/d quarterly to mothly 4 3mos. Penalty $23,300 assessed on $6000.Can't get ans.
NBC last hope.732-823-2819 Cheryl N
Difficult to explain in short paragraph.Because of the extreme and unfair penalty I am going to loose my home by the end of June. Please help me. I contacted several attorneys they will charge more than AXA took.I'm on disability and 66 yrs old, don't know where else to turn.
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There many risks in any sort of investment. Annuities are not immune to these risks, like say the bank you have you annuity with goes bankrupt the investment is not FDIC insured therefore it is very important that you make sure that the bank you're investing with is refutable. Check the fine print! Look out for a surrender charge some fixed annuities can charge you should you withdraw money before it matures and can be high charges reducing the amount that you will receive after retirement. There can also be age restrictions like giving you a tax penalty should you withdraw the money before the age of 59. Keep in mind that immediate annuities don't change their interest rates with the economy so you can't guarantee to always have a great interest rate.
Annuities are available in two forms called fixed and variable annuities. The main difference between the two plans is how earnings are generated and how much risk is involeved in the investment.
Fixed annuities are plans that you can get from an insurance company that have a fixed interest rate for a set period of time. When this period is over the insurance company renews the interest rate an other set of time. Some fixed annuities have a guaranteed minimum interest rate for the life of the annuity. The fixed annuity plans feel safer to some because you know how much interest you are going to be recieveing on your investment.
The other kind of annuity is a variable annuity. In the variable annuity plan you invest your money into a few investment options. The return of these investment depends on how the investments do. Variable annuities have a higher risk than those of variable annuities but can also result in higher returns if the investments do well.
It is recommended that you do your research before making an investment in any plan and talk with a financial advisor that you trust.
This tip is primarily for anyone who may be planning on retirement in the near future, but those who have some time to go might want to store this in the back of their memory.
Let me start by saying I have no involvement in the sales or promotion of any financial program. I'm offering this based on my personal experience.
As my time approached for retirement I began searching for the best ways to use the monies in my 401k to supplement my pension and SS. My first and simplest option was to have the manager of the 401 simply purchase annuity with a fixed lifetime monthly distribution. With a little research I found this option would have grossed me approx. $500.00 monthly. And that was fixed.
Further research uncovered varible annuities with all kinds of bells and whistles. So I tread softly, talking to anyone and everyone who may provide some insight. I found, if you look closely and read all the very fine print that there are some pretty good options. I found a variable which pays near twice my first option. On top of that the distribution is recalculated annually and, based on economic factors can be adjusted up, never down. Granted I pay a few extra pennies per thousand invested for this luxury, but it's worth it. This annuity will keep on paying untill I die, then continue paying my wife up to her 90th B'day.
Anyway, my tip here is simple. Don't jump at the first thing that looks good. Be a skeptic and do your homework.
Variable means that you put the money in investments and depending on how the investments go it determines your income. Lets say you make a really good investment, then you income from the annuity would be high and vice versa. Fixed annuities are very similar to CDs and payout in relatively high rates of interest. Because you are able to know the interest you will receive with a fixed annuity it is a much more popular choice of retirees.
Yes there are, there is immediate and deferred annuities. Immediate annuity means that shortly after you invest the money in an annuity you begin to receive your annuity payments. If you are close to retirement this is an option that you can consider so that you get the money sooner. Whereas the deferred annuity sits and collects money and can be changed into a immediate annuity should you need the money sooner. This is an option that you would consider early on to save up for retirement. Within both annuities there are sub types, fixed and variable for you to consider.
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