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I wish I had known about WCI sooner. Very informative. I recently retired after almost 40 years in healthcare (non-physician Lab/Path Director) and both children now MDs. To new physicians - please be very careful with Annuities. I have advised both my children NOT to buy any Annuity. I am now an avid learner of "how to manage and invest". Learning from my mistake. Better late than never.
Long story short: I have two Variable Annuities (group groan...) sold to me by Financial Adviser who presented to our Physician & Management group at a Hospital Lunch and Learn. And who I subsequently engaged to advise me. Primarily because in her presentation, she introduced herself and her team as "Investment Specialists specifically serving Physicians and Healthcare professionals".
First in 2002, 100K post-tax. 100% into a VA. I never took any distributions from this Annuity, and I eventually rolled it over in 2014 when I retired, into a 1035 exchange SPIA and LTC -different insurance company.
Second in 2009 when I qualified for early retirement from TPMG (any KAISER alums out there?) - 100% of pension lump sum and 401K into another VA. I'm now in the last year of surrender period (2%) ending on 12/31/2017. Fortunately, I never took any distributions from this Annuity either (even though I wanted to, for a house remodel). And Earlier this year, I rolled over Entire surrender-free value into my Fidelity Roll-over IRA that I now manage (with the rest of my 401K and RSUs from my last two employers). I plan to roll over the remaining Annuity account as soon as surrender period is over. 12/31/2017. Sooner, if there is a way to avoid the 2% surrender fee.
My Querry to the more savvy members out there:
1. This adviser is a Fiduciary. Do you think she met the Fiduciary standard? I read about the 35% guideline for annuities, and have been reviewing SEC and FINRA website.
2. Even at the lower "Suitability" standard ---- 100% into Variable Annuities?? No mention of Roth IRA (which I may have qualified for in the earlier years) nor back door Roth IRA conversions, which I definitely would have been interested in. Nor a brokerage account of Mutual Funds etc. that Is more Liquid (as in when I was doing a house remodel).
3. I'm open to suggestions re: how to get out of this Annuity sooner. Seven more months to full surrender free, but I'm hating every minute of it. Any other items I should research? I'm aware Annuities have a place in a portfolio, but not 100%.
4. And last but not least, I just wonder how many more physicians and Medical professionals out there bought more annuities than needed, and are now locked into surrender requirements. Can't help but feel sad and mad. This Adviser team is pretty active in No. California and they specialise in presenting and being active in Physician/Medical/healthcare groups.
Thank you.
Long story short: I have two Variable Annuities (group groan...) sold to me by Financial Adviser who presented to our Physician & Management group at a Hospital Lunch and Learn. And who I subsequently engaged to advise me. Primarily because in her presentation, she introduced herself and her team as "Investment Specialists specifically serving Physicians and Healthcare professionals".
First in 2002, 100K post-tax. 100% into a VA. I never took any distributions from this Annuity, and I eventually rolled it over in 2014 when I retired, into a 1035 exchange SPIA and LTC -different insurance company.
Second in 2009 when I qualified for early retirement from TPMG (any KAISER alums out there?) - 100% of pension lump sum and 401K into another VA. I'm now in the last year of surrender period (2%) ending on 12/31/2017. Fortunately, I never took any distributions from this Annuity either (even though I wanted to, for a house remodel). And Earlier this year, I rolled over Entire surrender-free value into my Fidelity Roll-over IRA that I now manage (with the rest of my 401K and RSUs from my last two employers). I plan to roll over the remaining Annuity account as soon as surrender period is over. 12/31/2017. Sooner, if there is a way to avoid the 2% surrender fee.
My Querry to the more savvy members out there:
1. This adviser is a Fiduciary. Do you think she met the Fiduciary standard? I read about the 35% guideline for annuities, and have been reviewing SEC and FINRA website.
2. Even at the lower "Suitability" standard ---- 100% into Variable Annuities?? No mention of Roth IRA (which I may have qualified for in the earlier years) nor back door Roth IRA conversions, which I definitely would have been interested in. Nor a brokerage account of Mutual Funds etc. that Is more Liquid (as in when I was doing a house remodel).
3. I'm open to suggestions re: how to get out of this Annuity sooner. Seven more months to full surrender free, but I'm hating every minute of it. Any other items I should research? I'm aware Annuities have a place in a portfolio, but not 100%.
4. And last but not least, I just wonder how many more physicians and Medical professionals out there bought more annuities than needed, and are now locked into surrender requirements. Can't help but feel sad and mad. This Adviser team is pretty active in No. California and they specialise in presenting and being active in Physician/Medical/healthcare groups.
Thank you.
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