- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Cancelling an annuity
Posted on 6/5/23 at 4:11 pm
Posted on 6/5/23 at 4:11 pm
My mother, (82 y/o) has an annuity. I think it was first funded in 1995. She wants out of it to consolidate her accounts. From last Dec's statement, I can't tell that she gets much benefit from it. I think the balance may be around 23k? right now. Is cancelling one possible?
7
Posted on 6/5/23 at 4:15 pm to Jmcc64
You can get the cash value if it hasn't been annuitized. I did it about a year ago.
Posted on 6/5/23 at 4:45 pm to Jmcc64
You can surrender a contract, but there may be some tax consequences in doing so.
Posted on 6/5/23 at 6:12 pm to Jmcc64
May also be a surrender charge
Posted on 6/5/23 at 6:15 pm to tygerfan1
Shouldn't be a surrender charge from 1995.
But I have heard of withdrawal fees. I'm not sure if a cancelation is subject to that type of fee or not.
But I have heard of withdrawal fees. I'm not sure if a cancelation is subject to that type of fee or not.
Posted on 6/5/23 at 6:16 pm to tygerfan1
quote:
May also be a surrender charge
Only if she made recent subsequent deposits, which I doubt.
Posted on 6/5/23 at 6:40 pm to Jmcc64
If it's from 1995, check the rate of return first. The guaranteed returns on older annuities are quite nice. Consolidation huh? Annuity avoids probate.
Posted on 6/5/23 at 9:06 pm to Jmcc64
Call the company snd ask them. You will get better answers than from here. 
Consolidate in to what? Was it funded with pretax or after tax dollars?
Consolidate in to what? Was it funded with pretax or after tax dollars?
Posted on 6/6/23 at 6:03 am to Jmcc64
Call JG Wentworth.
Posted on 6/6/23 at 9:32 am to Jmcc64
Don’t know all the facts but at 82 with the funding done in 1995, it is probably best for her and her estate to not touch the dang thing.
She has to be knocking out a great rate in today’s market.
She has to be knocking out a great rate in today’s market.
This post was edited on 6/6/23 at 9:33 am
Posted on 6/7/23 at 6:21 pm to meansonny
quote:
Shouldn't be a surrender charge from 1995. But I have heard of withdrawal fees. I'm not sure if a cancelation is subject to that type of fee or not.
Depends on the contract.
Posted on 6/8/23 at 8:27 am to Alltheway Tigers!
Again, I don't know a thing about annuities but looking at the statement it appears that it's invested in 5 different funds(?) in different percentages. Also looks like the maintenance fees are high as well. She doesn't need the money but, it's just one less account to worry about and pay fees on.
Posted on 6/8/23 at 8:43 am to Jmcc64
quote:
Again, I don't know a thing about annuities but looking at the statement it appears that it's invested in 5 different funds(?) in different percentages. Also looks like the maintenance fees are high as well.
Sounds like a Variable Annuity. You need to call the company. Older VAs did not have downside protection the newer ones do. Again, you are not going to get the information you need here. So just call the damn company.
This post was edited on 6/8/23 at 10:37 am
Posted on 6/8/23 at 10:43 am to Jmcc64
quote:
it appears that it's invested in 5 different funds(?)
Variable annuity.
Get out.
Fixed annuity is guaranteed. Variable is not.
Posted on 6/8/23 at 10:49 am to La Place Mike
quote:
So just call the damn company.
The company is not going to tell him squat unless his mom is also on the call.
Posted on 6/8/23 at 12:54 pm to TDTOM
quote:I am sure that could be arranged
The company is not going to tell him squat unless his mom is also on the call.
He might also have a POA so calm down.
Posted on 6/8/23 at 1:53 pm to La Place Mike
She could probably call herself and I could be on the phone as well. I do not have POA. Her answer to everything is "I'm just gonna sell it and put the money in a CD"
Posted on 6/8/23 at 2:27 pm to Jmcc64
It would be a good idea for you to be on the call. Sometimes older people don't hear what they think they hear. I know that is the case with my mom. If it is an old VA you would probably want to roll it over in to something else and not worry about reallocating investments. Ask about surrender charges, there probably aren't any, and if it is qualified or nonqualified so you can plan accordingly for taxes. Good luck!
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News