Hope to get some advice from the annuity gurus on here.
Wife (50) was sold several variable annuities over the years and most of them have performed poorly due to high fees. Looked into getting rid of them and sheesh, these things are like timeshare. Very difficult to get out of.
Trying to salvage the situation without just surrendering the account for the cash value now, pay tax on gains, and pay 10% early withdraw penalty (9 more years til 59.5 of age).
Is the "lesser evil" option to 1035 the non-qualified ones into Fidelity personal retirement annuity (.25% fee) and stick it into FXVLT (.09% ER)?
Thank you
Wife (50) was sold several variable annuities over the years and most of them have performed poorly due to high fees. Looked into getting rid of them and sheesh, these things are like timeshare. Very difficult to get out of.
Trying to salvage the situation without just surrendering the account for the cash value now, pay tax on gains, and pay 10% early withdraw penalty (9 more years til 59.5 of age).
Is the "lesser evil" option to 1035 the non-qualified ones into Fidelity personal retirement annuity (.25% fee) and stick it into FXVLT (.09% ER)?
Thank you
Statistics: Posted by daroo888 — Sat Sep 21, 2024 3:01 pm — Replies 2 — Views 56