Continuing discussion from another thread:
Back in 2008, my father (who is self-employed) made a number of panicked investment decisions for a variety of personal reasons. Unfortunately, he put full faith in his former financial advisor to manage them, and it turned out poorly. I found out about these investments way too late, as he is now well past retirement age. We are currently trying to unpack his finances and turn things around.
Notably, it looks like my dad currently has two annuities (and we don't fully understand how they work or what our options look like):
------------------
Annuity 1:
AXA Equitable Accumulator Elite (Rollover IRA)
Contract Date: June 2008
Beginning Account Value (From 6/23): $104,186.66
Contributions since Purchase: $70,369.30
Variable Investment Option Results: $9,723.96
Current Total Account Value: $113,910.62
Living Benefit:
Roll-Up Benefit Base: $192,742.15
Ratchet Benefit Base: $120,906.63
Death Benefit:
GMDB Election: Standard
Current Death Benefit: $113,910.62
Contract Cash Surrender Value: $113,906.41
It is invested in EQ/Moderate-Plus Allocation
Fees and Charges:
Optional Guarantee Minimum Income Benefit Charge: $1,541.94
Total Investment Option Performance: $11,265.90
Less: Guaranteed Minimum Income Benefit Charge: -$1,541.94
Net Investment Option Performance: $9,723.96
They also sent us a letter informing us of our eligibility to exercise the Guaranteed Minimum Income Benefit.
------------------
Annuity 2:
AXA Equitable Accumulator Elite (IRA)
Contract Date: Jan 2008
Beginning Account Value (From 1/23): $65,127
Contributions since Purchase: $62,500
Variable Investment Option Results: $2,052
Current Total Account Value: $67,179
Living Benefit:
Roll-Up Benefit Base: $171,217
Ratchet Benefit Base: $75,855
Death Benefit:
GMDB Election: Greater of Rollup/Ratchet 6.5%
Guaranteed Minimum Death Benefit: $171,217
Current Death Benefit: $171,217
Contract Cash Surrender Value: $67,172
It is invested in EQ/Moderate-Plus Allocation
Fees and Charges:
Optional Guarantee Minimum Death Benefit Charge: $1,369
Optional Guarantee Minimum Income Benefit Charge: $1,369
Total Investment Option Performance: $4,791
Less: Guaranteed Minimum Income Benefit Charge: -$1,369
Less: Guaranteed Minimum Death Benefit Charge: -$1,369
Net Investment Option Performance: $2,052
------------------
I contacted the annuity company today, and we need to fill out some paperwork before they'll let us access the accounts or provide any info.
We have no clue how these things work and would wholeheartedly appreciate your insight and guidance on how to proceed.
Back in 2008, my father (who is self-employed) made a number of panicked investment decisions for a variety of personal reasons. Unfortunately, he put full faith in his former financial advisor to manage them, and it turned out poorly. I found out about these investments way too late, as he is now well past retirement age. We are currently trying to unpack his finances and turn things around.
Notably, it looks like my dad currently has two annuities (and we don't fully understand how they work or what our options look like):
------------------
Annuity 1:
AXA Equitable Accumulator Elite (Rollover IRA)
Contract Date: June 2008
Beginning Account Value (From 6/23): $104,186.66
Contributions since Purchase: $70,369.30
Variable Investment Option Results: $9,723.96
Current Total Account Value: $113,910.62
Living Benefit:
Roll-Up Benefit Base: $192,742.15
Ratchet Benefit Base: $120,906.63
Death Benefit:
GMDB Election: Standard
Current Death Benefit: $113,910.62
Contract Cash Surrender Value: $113,906.41
It is invested in EQ/Moderate-Plus Allocation
Fees and Charges:
Optional Guarantee Minimum Income Benefit Charge: $1,541.94
Total Investment Option Performance: $11,265.90
Less: Guaranteed Minimum Income Benefit Charge: -$1,541.94
Net Investment Option Performance: $9,723.96
They also sent us a letter informing us of our eligibility to exercise the Guaranteed Minimum Income Benefit.
------------------
Annuity 2:
AXA Equitable Accumulator Elite (IRA)
Contract Date: Jan 2008
Beginning Account Value (From 1/23): $65,127
Contributions since Purchase: $62,500
Variable Investment Option Results: $2,052
Current Total Account Value: $67,179
Living Benefit:
Roll-Up Benefit Base: $171,217
Ratchet Benefit Base: $75,855
Death Benefit:
GMDB Election: Greater of Rollup/Ratchet 6.5%
Guaranteed Minimum Death Benefit: $171,217
Current Death Benefit: $171,217
Contract Cash Surrender Value: $67,172
It is invested in EQ/Moderate-Plus Allocation
Fees and Charges:
Optional Guarantee Minimum Death Benefit Charge: $1,369
Optional Guarantee Minimum Income Benefit Charge: $1,369
Total Investment Option Performance: $4,791
Less: Guaranteed Minimum Income Benefit Charge: -$1,369
Less: Guaranteed Minimum Death Benefit Charge: -$1,369
Net Investment Option Performance: $2,052
------------------
I contacted the annuity company today, and we need to fill out some paperwork before they'll let us access the accounts or provide any info.
We have no clue how these things work and would wholeheartedly appreciate your insight and guidance on how to proceed.
Statistics: Posted by or1on — Mon Jul 08, 2024 6:08 pm — Replies 4 — Views 380