Can someone give me a quick explanation to me about what a Qualified Variable Annuity is?
I've still in the process of helping my mother consolidate her retirement accounts at Vanguard and what I thought was just an old 401k from Security Benefit is actually called a "Variflex Qualified Variable Annuity."
It shows a Death Benefit, but it's exactly the same as the value of the underlying securities she owns in the account. She's never received an annuity coupon/payment, only required minimum distributions. She turned 71 last year, so she's had 2 years of RMDs.
So I'm confused now. Is this the same as a 401k/403B and is just worth the stocks/funds she owns through it? Or if I roll it over to Vanguard is it actually worth a lot less than the "Death Benefit"?
Thank for your time.