Continue or end my Annuity?
Terry, I invested $200,000 in an annuity 11 years ago with the understanding that I would earn 6% annually. At age 70 1/2 I began yearly RMDs, the first of which was for $11,036 that covered the full annuity RMD as well as part of the RMD for another Brokerage IRA. This initial RMD triggered an annual income payout from the annuity for $11,036 for life. I recently calculated my investment earnings for the annuity and found that I have made an average of only 1.2% per year. I also confirmed that I have been paying yearly fees of 4.2% for the 11 years. If I hold on to the annuity going forward, I will continue to 1) receive the $11,036 payout for life (12 more years?), 2) pay annual fees of 4.2%, 3) assumedly earn 1.2 % per year. Would you recommend that I continue with the annuity or end it and move the balance (currently $148,000) into the brokerage IRA (avg 4.5% earnings per year)? Thank you for time and recommendation.
Terry Says
There is only one person I would trust to respond to that question — and you should reach out to him immediately.
Go to https://www.stantheannuityman.com/ and click on the red button on the top right corner to book a call with Stan.
There is absolutely no obligation. Feel free to use my name or not, as I get nothing out of this recommendation. But I trust him completely to give you the correct advice.
I’m pretty sure some of your calculations are wrong, but if you have the documents in front of your for your call, he well set you straight.
