Need Help with Decision Regarding AXA Annuities!

[Goodguy6]

I am 70 years old, married, and have had an Accumulator Elite (NQ) contract for 10 years with AXA of Secaucus, NJ. I now have the opportunity to exercise the Guaranteed Minimum Income Benefit (GMIB), which guarantees me a minimum amount of lifetime income. Now I can convert my Accumulator Elite (NQ) contract to an Income Manager Payout Annuity Level Life annuity with period certain) contract.

Is this a good thing to do? What questions do I need to ask AXA about this? Would I be better off staying with my current contract? Or should I just cash out and deposit the money somewhere else?

Would certainly appreciate any advice or thoughts on this matter!

 

[DHK]

I'm going to ask you a more important question first:

Why are you asking a forum of anonymous people what you think you should do instead of your agent/advisor?

 

[AlTheGud1sRtakn]

I'm going to ask you a more important question first:

Why are you asking a forum of anonymous people what you think you should do instead of your agent/advisor?

What he said.

The correct answer to this depends on a whole lot of things. The biggest things that will play a factor in your retirement are what your needs are like, what other assets you have, what your goals are, your risk tolerance, what the market will do, and whatever else life will throw at you. You wouldn't (hopefully) just ask a group of people who know nothing about you "what car should I buy?" You'd ask something more along the lines of "What's the best car for me if my priorities are reliability, crash test safety, and fuel efficiency while keeping in mind I have a family of 4, we go on beach vacations a lot and like to bring the dog?" Your retirement is even more important than that.

AXA is a good company. There are lots of other good companies too. I'd talk to whoever is your advisor with AXA or if you don't trust them ask around until you find someone you can trust and go over everything with them. Retirement planning is entirely too important to base off of generic advice from strangers on the internet who don't have a clue about your situation.

 

[WMG]

I'm going to ask you a more important question first:

Why are you asking a forum of anonymous people what you think you should do instead of your agent/advisor?

Agreed 100%...it is not a good idea to seek and ask for financial advice on the internet. Work with your advisor. If you don't know him, like him, trust him, etc. (or her) -- then find someone you do know, trust, like, etc. Ask your trust/estate attorney, or the attorney who drafted your will, if you like him/her, trust them, etc. Find someone who comes highly recommended from someone who is qualified and who you know and like.

All the best.

 

[bill3173]

Hmmm..what to do? Get with a good annuity wholesaler and let them assist you with case design. If your current brokerage isn't providing you with any good replacement strategies, I'm sure another firm out there can help.

Pretending to be a 70 year old man that needs assistance, using agent jargon, is not the best way to go about it.

 

[AlTheGud1sRtakn]

You know not everyone on the internet is lying about their situation...

 

[finalexpenseguru]

Hmmm..what to do? Get with a good annuity wholesaler and let them assist you with case design. If your current brokerage isn't providing you with any good replacement strategies, I'm sure another firm out there can help.

Pretending to be a 70 year old man that needs assistance, using agent jargon, is not the best way to go about it.

Haha you nailed it.......

 

[Pramfinancial]

Yes it is true that AXA is good name to recon with, but I would recommend you to do study on highest yielding annuities for a better future, instead of looking at one name only.

 

[L5tc]

You can annuitize with any company find out the rates.