Annuity ? for 45 Year Old

[dn3187]

Hello, I'm very new to the forum. I have questions concerning an annutiy that I currently hold. I feel I should not even have this annuity,(currently 45 years old) but guess I'm stuck with it. I'm sure it can be made into a "postitve" for my retirement planning.
I have probably had this annutiy for 20 years. Again, probably not the best "choice" but that was what I was lead into back then. It has a value of 100k and currently in a Fidelity annuity in the cash selection, so it's actually costing me money to let it set there. I obviously can't get to the money with out penalty or tax consequences so ...
what should I do with it???
Any recommendations or direction would be appreciated.

Please ask if more info is needed. Initail outlay was 50k.

 

[Newby]

Hello, I'm very new to the forum. I have questions concerning an annutiy that I currently hold. I feel I should not even have this annuity,(currently 45 years old) but guess I'm stuck with it. I'm sure it can be made into a "postitve" for my retirement planning. I have probably had this annutiy for 20 years. Again, probably not the best "choice" but that was what I was lead into back then. It has a value of 100k and currently in a Fidelity annuity in the cash selection, so it's actually costing me money to let it set there. I obviously can't get to the money with out penalty or tax consequences so ... what should I do with it??? Any recommendations or direction would be appreciated. Please ask if more info is needed. Initail outlay was 50k.

Why is it wrong for you? Is it fixed or variable? What would you do with the money if you rolled it out?

You doubled your money but took 20-years to do it. Not great but many people were jumping in and out of the market and did much worse over the last 20-years. Others did better.

You can roll it to any retirement account you want without penalties from the IRS. I would involve an agent who is very familiar with annuities before you do anything.

 

[dn3187]

Allianz 222 has been mentioned to me. I will try to find out as much as I can about this one and others.

I don't plan on needing this money for at least 15 years. It's there to grow for retirement. Represents maybe 10% of worth.

 

[jmhalvo]

Allianz 222 has been mentioned to me. I will try to find out as much as I can about this one and others. I don't plan on needing this money for at least 15 years. It's there to grow for retirement. Represents maybe 10% of worth.

is it an IRA? Are comfortable with long term stock market investing ?

 

[AnonymousOne]

Why is it wrong for you? Is it fixed or variable? What would you do with the money if you rolled it out?

You doubled your money but took 20-years to do it. Not great but many people were jumping in and out of the market and did much worse over the last 20-years. Others did better.

You can roll it to any retirement account you want without penalties from the IRS. I would involve an agent who is very familiar with annuities before you do anything.

He cannot roll to any retirement account if it's a NQ annuity which is what seems to be, but hasn't specified.

How is the money to be. Used in 15 years?

 

[dn3187]

This is a non qualified annuity. I have is just "parked" is Fidelity cash account annuity until I can decide what will be the best move should be. I would like to have the account grow. I'm comfortable with stocks and risk.
Really need some good experienced advice to make best move.

 

[golfnut]

I would definitely take a look at some of the "uncapped" strategy FIA's on the market, which would allow for continued tax deferral, yet have the potential for decent upside growth. I like a couple Allianz products at the moment, either the Signature 7 or the 365I, some are postioning the 360 as a good alternative. I suppose it depends if you want to add an income component to the equation. Feel free to pm me and I will be glad to give you my number for a full discussion on the subject.

 

[jmhalvo]

I would definitely take a look at some of the "uncapped" strategy FIA's on the market, which would allow for continued tax deferral, yet have the potential for decent upside growth. I like a couple Allianz products at the moment, either the Signature 7 or the 365I, some are postioning the 360 as a good alternative. I suppose it depends if you want to add an income component to the equation. Feel free to pm me and I will be glad to give you my number for a full discussion on the subject.

uncapped, but they reserve the right to charge up to 12% in spread of they have to "over pay" the underlying bond obligations. Never forget it's a FIXED annuity. Just saying ....

 

[AnonymousOne]

This is a non qualified annuity. I have is just "parked" is Fidelity cash account annuity until I can decide what will be the best move should be. I would like to have the account grow. I'm comfortable with stocks and risk.
Really need some good experienced advice to make best move.

No reason to go index when this is your attitude. Find the lowest cost variable annuity with funds you prefer.

 

[jmhalvo]

No reason to go index when this is your attitude. Find the lowest cost variable annuity with funds you prefer.

exactly; if you're staying in an annuity and you're comf with market risk, what other choice is there?