annuity paid in for 43 years, what now?
my sister has been paying into an annuity since she was 22. she received a notice that since she has turned 65 the payments into it will stop.
1. can she move this money to another account (ROTH or regular IRA or other)?
2 the account is with metlife and when she calls no one can give here an answer to how much money is in the account or how to access it. how can we find this out.
thanks for the help
Terry Says: OK, I need a LOT more information to try to help you. She must have some kind of statement with an account number on it if she has been paying into an annuity all these years! Even if the amount was automatically debited from her checking account, there must be a bank routing number or some type of account identification. And if she received a notice, then the account information must be on it!
Please write back (I won’t publish the details) and give me the account information and your sister’s phone number. Then we can set up a three way call (she will have to provide identifying information, probably including her social security number) so we can get MetLife on the phone and learn more details about the amount in the account, as well as the type of account (ie whether the contributions were made pre-tax as part of a retirement savings plan or after-tax). That will help determine her options.