I wanted to provide an update to this situation, and also to ask more questions, so I decided just to keep it in this thread as the pertinent details are listed above.
So, my mom went to her "financial adviser" to have her taxes done. During the course of her meeting, she was convinced that the reason she owed some additional taxes to the fed this year was because of her dividends and capital gains on her vanguard accounts (Wellington and VTSAX). They got her to close the Vanguard accounts, even "helping" her by making the phone call. So, she cashed out, up about $11,000 on the $70,000 she had invested, so now she's on the hook for the taxes for this next year.
Her adviser, is once again suggesting another annuity!
I've convinced her that she made a mistake, and that she shouldn't have closed the vanguard accounts, and that she is under no obligation to sign the contract for this new annuity.
She already has three Athene annuities:
A non qualified indexed annuity (MultiChoice IncomeXtra), started 8/2011, that has accumulated value of $31,923.32.
An IRA indexed annuity (MultiChoice IncomeXtra), also started 8/2011, with an accumulated value of $46,722.73.
Another IRA indexed annuity (MultiChoice IncomeXtra), started 9/2011, with an accumulated value of $9,776.19.
She also has ANOTHER annuity this adviser sold her, in which she liquidated her Fidelity Investments Roth IRA account invested in Fidelity Government Money Market and purchased an annuity from American Equity Investment Life Insurance Company, initial premium, $20,869.87, surrender charge period 10 years.
So, in summary, she already has four annuities that she absolutely doesn't need, as she receives monthly pension, social security, and VA benefit checks totaling $6000 a month, with expenses of around $2000 a month. And now this adviser wants to sell her another one.
Obviously, this adviser has only his own best interest at heart.
I'm curious to hear any ideas anyone might have. Should my mother start taking out her free withdrawal amount to draw down the balances of these accounts? Should she initiate a formal complaint with the state? Any advice appreciated.
Thanks!