Annuity maven

[Lloyds of Lubbock]

I won't mention the company but I got my annual statement.
Every year the expense range between 1500-1600.
The returns have been ok.
It is set up to hopefully provide a bit better interest than a cd, with minimal risk.
I get my annual statement, which I have included.
Every other year the numbers added up.
I called the company to get a detailed report of where my money went.
They sent me the calculations of the interest rates credited....which I really dont need.
The explanation of the expenses wass.....it's complicated.
My agent has been trying to get to the bottom of this but no one at the carrier seems to want to provide an answer.
Is a complaint to Florida Insurance department in order?

 

[Tahoe Ray]

I won't mention the company but I got my annual statement.
Every year the expense range between 1500-1600.
The returns have been ok.
It is set up to hopefully provide a bit better interest than a cd, with minimal risk.
I get my annual statement, which I have included.
Every other year the numbers added up.
I called the company to get a detailed report of where my money went.
They sent me the calculations of the interest rates credited....which I really dont need.
The explanation of the expenses wass.....it's complicated.
My agent has been trying to get to the bottom of this but no one at the carrier seems to want to provide an answer.
Is a complaint to Florida Insurance department in order?

Email me the prospectus and I'll pull it apart for you.

Or just email me the full product name and the year purchased and I'll pull it off EDGAR.

I know annuities like the back of my hand.

 

[scagnt83]

Is it qualified? It could be due to RMDs if so.

 

[DHK]

$79,819.16 + $8,697.75 = $88,516.91
$1,633.99 / $88,516.91 = 1.85%

You must have a living benefit rider and/or M&E charges, depending on the contract.

 

[scagnt83]

$79,819.16 + $8,697.75 = $88,516.91
$1,633.99 / $88,516.91 = 1.85%

You must have a living benefit rider and/or M&E charges, depending on the contract.

Either of those should have shown up on the line item view that he showed us. At least for most statements I've seen. But withdrawals are not necessarily always shown there.

 

[LostDollar]

Excess withdrawals and Market Value Adjustments?

 

[scagnt83]

Excess withdrawals and Market Value Adjustments?

The thing with that, is the OP would/should know that withdrawals came out. I guess the same could be said for RMDs though.

 

[LostDollar]

The thing with that, is the OP would/should know that withdrawals came out. I guess the same could be said for RMDs though.

I think about OP's life situation and a stock market going down -- well maybe he took an annuity excess withdrawal to let market funds recover.

Then -- I can't remember exactly what you and Allen told me, but the two of you attempted to explain MVA to me once. Like op's story, it was complicated.

And then he said he got an interest statement. What I remember from You and Allen's comments was something about MVA relates to interest rates -- and OP was sent an interest statement of some kind.

My annuity experience is very limited at this point -- just thought the withdrawals and MVA could be another consideration.

L will post back in a day or two with more comment, and we'll see what more info he provides.

 

[DHK]

A withdrawal is not a contract charge.