Annuity maven

[LostDollar]

No RMD's yet. I am old enough let's not rush it.

 

[Allen Trent]

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

why would that be? never heard of qualified having more fees because it could have RMDs.

My gut thinks this has some sort of income rider to a fixed product as variable wouldnt show fees like that as most are buried/hidden

 

[Allen Trent]

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.

Yeah, not sure how it has $9k of interest/credits & only 1600 in fees, but only grows by $3k. horrible statement if it doesnt show distributions that happened

 

[Allen Trent]

No withdrawals.
No RMD's yet. I am old enough let's not rush it.
There is a lifetime income rider, which I asked to be removed two years ago.
I don't think it was.
I think it is the surrender charge.
I will wait for the agents answer.

I am more concerned as to how it only grew by a total of $3k, but shows it made almost 9k--that is a $6k difference, not just $1600 fee showing.

Is it possible their top number of $79.8 was your beginning account value but the ending number of $82k isnt the account value but is the surrender value?

PS_- My money is on the $1633 being fee for income rider, but it is the least concerning for me as I am wondering where the other $4k in "credits/earnings" are if they were "applied to contract as stated.

Is it possible you have a 2 tiered annuity where the credits are only applying to the annuitization value & the contract value changes by a different number. I cant understand where the missing $4k is in the math equation below.

 

[Allen Trent]

I think it is the surrender charge.

I dont think it is a surrender charge. that should only show if you took more than free withdrawal or if they had a more robust statement showing both account value & a separate surrender value starting & ending value.

What carrier?

 

[Lloyds of Lubbock]

I will not name the carrier at this point.

 

[Lloyds of Lubbock]

The 1600 fee does not concern me.
If the company can reconcile the numbers to me, their is no reason to associate any wrongdoings with the carrier.

 

[DHK]

I am more concerned as to how it only grew by a total of $3k, but shows it made almost 9k--that is a $6k difference, not just $1600 fee showing.

Is it possible their top number of $79.8 was your beginning account value but the ending number of $82k isnt the account value but is the surrender value?

PS_- My money is on the $1633 being fee for income rider, but it is the least concerning for me as I am wondering where the other $4k in "credits/earnings" are if they were "applied to contract as stated.

Is it possible you have a 2 tiered annuity where the credits are only applying to the annuitization value & the contract value changes by a different number. I cant understand where the missing $4k is in the math equation below.


View attachment 17784

I'm thinking that's a "walk away" value, with a possible MVA IF the contract was surrendered at this point.

It does say contract value, rather than income base?

Just my thoughts that would fit the numbers.

 

[scagnt83]

why would that be? never heard of qualified having more fees because it could have RMDs.

My gut thinks this has some sort of income rider to a fixed product as variable wouldnt show fees like that as most are buried/hidden

Just saying it could be from distributions that are not shown in that line item statement.

 

[Lloyds of Lubbock]

There were no distributions