As a fiduciary financial advisor in Myrtle Beach, Holland Capital reviews the annuities retirees already own, explains what each contract costs and guarantees, and shows whether it still fits the retirement plan. We work with clients in Myrtle Beach by video and phone, and meet in person by appointment at eMYRge on 9th Avenue North.
You own an annuity. You want to know what it is doing for you.
Myrtle Beach has about 38,400 residents, according to Census estimates for 2020 to 2024. Nearly a quarter of them are 65 or older.
If you bought an annuity years ago, the paperwork may run dozens of pages. You may not be sure what you pay each year, what the guarantees cover or what it would cost to get out.
A review should come from someone who is required to put your interest first. It should start with the contract itself, not with a new product.
What We Look For in the Contract
We read the contract and the latest statement. The review covers the type of annuity, the fees and rider charges, any surrender charge and when it ends, and how much you can withdraw each year without a surrender charge.
We also note the guarantees, such as a lifetime income benefit, a death benefit or a minimum interest rate. We show what each one provides and what it costs.
Keep, Change or Use It Differently
Sometimes the right answer is to keep the contract and use it better, for example by starting income at a different time. Sometimes a change makes sense once a surrender charge has ended.
Moving from one annuity to another can sometimes qualify as a tax-free 1035 exchange. A new contract can also start a new surrender period. We compare the options before you decide. Our guide on how to get a fiduciary second opinion on an annuity explains the process.
How Annuity Income Is Taxed
Taxable gains from a nonqualified annuity are generally taxed as ordinary income when distributed. Before age 59½, the taxable portion may also face a 10% additional tax unless an exception applies.
We fit annuity withdrawals into the order you draw from your other accounts, so the taxes are planned rather than surprising.
The Rest of Your Retirement
The annuity is one piece. Social Security, IRAs and savings make up the rest.
With investment management, Holland Capital manages your other accounts around the income the annuity provides.
How We Work with Clients in Myrtle Beach
Holland Capital Management is an independent registered investment adviser and a fiduciary. M. Chad Holland, CFA, CFP® works directly with clients and is responsible for the planning and advice.
Bring the annuity contract or policy packet, your most recent annuity statement, your Social Security statement, statements for your other accounts and last year’s tax return.
You leave with a written review of each contract and a plan showing how it fits your retirement income.
The first conversation is free. The written review is a paid engagement, and we set out its scope and fee in writing before you decide whether to go ahead.
Our offices are in Charlotte, North Carolina and Winter Park, Florida. We work with clients in Myrtle Beach primarily by video or phone. When an in-person meeting makes sense, we meet by appointment at eMYRge, a coworking center at 509 9th Avenue North in Myrtle Beach.
We work with clients throughout South Carolina. You can see the other South Carolina communities we serve here.
Our what we do page explains how a planning engagement works.
RETIREMENT ENGINEERING™
The Order Matters
Five retirement decisions and why timing matters.
Frequently Asked Questions
How Is Holland Capital Paid?
We offer financial planning on a fixed-fee basis, subject to the scope of the engagement. Investment management is offered on a fee basis, generally calculated as a percentage of the assets we manage. When providing financial planning and investment advisory services, we act as a fiduciary. Holland Capital Management may also receive commissions when clients buy insurance through the firm. Those commissions create a conflict of interest, which we disclose in our Form ADV.
Will You Tell Me to Cancel My Annuity?
Not before we read it. Some contracts carry surrender charges, and some guarantees cannot be replaced. The answer depends on your contract and your plan.
Why Get an Annuity Review from a Fiduciary?
Holland Capital acts as a fiduciary when providing financial planning and investment advice. For an annuity owner, that means a review based on your contract and your goals.
Where Do Myrtle Beach Clients Meet with Us?
At eMYRge, a coworking center at 509 9th Avenue North, by appointment on weekdays.
Video and phone calls work well between meetings.
Photo: The ed17 / Wikimedia Commons / CC BY-SA 4.0, cropped.
