They are variable annuities with a guaranteed minimum I believe. One has a surrender value of around $75,000 and the other $150,000. The first has an income base that increases 6% yearly and the other has an income base that is guaranteed to be double after 12 years (which will be in 2 years), they are IRA annuities. $24,000 a year seems much better than anything you could do with $225,000.Even if it was a mistake buying the annuities, what’s past is past.. They are married and husband/wife each have an annuity that while in hindsight was not the best investment they are too far in to get out of.
All they can do is make the best choices on the annuities going forward.
Do you have any more information on the annuities? Some of the answers might be useful include -
—- What types of policies they are (variable, indexed, fixed, etc)?
—- Could they be surrendered now, and if so, what is the surrender value?
— What rate of interest are they currently paying?
—- Are they IRA annuities or taxable?
It may very well be that keeping the annuities is the best thing for them to do. But they might consider looking at the annuities to see if they are the best course forward.
Statistics: Posted by diversifire — Tue Jun 11, 2024 4:44 am — Replies 2 — Views 180