Annuity/Bankruptcy

Hi, Your Annuity should be insured by SIPC (Securities Investor Protection Corporation). Which would provide you with your money. Normally the value is capped at $500,000 (For US Residents). You may have to check with your advisor.

I think you need to go to an Financial Adviser and sort this out before it is to late Grandpa Bob as you certainly need those Answers and you need them fast I am not to sure how it all works so I think you are better of going to a Professional who can answer you those Questions and hopefully advise you what to do

As others have said, check with your financial person. I would also check with someone else - Smith Barney, Edward Jones, there's plenty of them out there. If you take the money out of the annuities to transfer into another retirement account, you will only pay the annuity fees - which are killing you now anyways. If the company is bought out, everything should go on as normal, but if they go bankrupt you will get probably only the FDIC amount. If that happens, you need to roll it into another retirement plan or pay the IRS penalties/taxes. Good luck!

hi Bob i am sure ur Annuity will be secured and u will get it back Take care

You should call Clark Howard. His website is clarkhoward dot com. He gives free advice and one of his staff will even call you back for free. Check out his website, he's a well respected expert and has so much good advice! Sorry I can't offer anything else. I hope your annuity isn't in danger. These are very unsettled times. I have the feeling our "golden years" are going to be very tarnished.

Hi GRANDPA BOB, I think they should all of you know what is going on, I hdon't what is going on athe monent in your counry but my best is try and get all your money out of that bank. Good Tamata

This will probably answer your question if you are US resident.. http://www.kiplinger.com/columns/ask/archive/2008/q0721.htm It answers the question of what would happen if your brokerage firm goes down and under.