Inactive Annuity
Hello,
I have an annuity with Allianz Life Insurance Company that I have not contributed to in nearly 30 years. The plan type is IRA.
The beginning index value is $12,609.81
Index adjustment is $630.49
Ending index earning value is $13,240.30.
Ending vested high water value is
$10,866.97
Beginning accumulation value is $12,609.81
Ending Accumulation value is $13,240.30.
My husband is 62 and still working without any plan for retirement at this point. I am 59 and have not worked since 1999, when I left my teaching career for staying home. Our youngest will be a Senior in college this fall.
This annuity was something I contributed to while teaching. If I recall correctly it was $25 a paycheck and was Great American.
We recently had to purchase a car. We plan to pay the three months of payments for the financing and will pay it off.
I don’t know what I should do with this annuity
and am looking for some help.
Thank you for your advice.
Terry Says
I suggest you contact the company, based on your latest statement. Ask about how much you would get on withdrawal — and how much of that is subject to income taxes. (A large withdrawal might impact your Medicare Part B premiums, so you’ll want to consider that.)
You may find out that you cannot take out a lump sum — but only a monthly payment for the rest of your life! It depends on the term of the original annuity. When you find out, you can make your decision. It’s not that much money and likely you could put it to better use.
