Is AIG the same as Valic?

AIG Retirement Services represents AIG member companies – The Variable Annuity Life Insurance Company (VALIC) and its subsidiaries, VALIC Financial Advisors, Inc. … All are members of American International Group, Inc. (“AIG”). This information is general in nature and may be subject to change.

>> Click to

Also know, what is Valic retirement?

The Variable Annuity Life Insurance Company, or VALIC, a subsidiary of American International Group, Inc., (AIG), is an insurance corporation that specializes in tax-qualified retirement plans, supplemental tax-deferred and after-tax investments.

Keeping this in view, can I withdraw my money from Valic? Yes. The law says that money may be taken out of your account (that is to say, the money may be distributed) when you retire, become disabled, leave your job or die. In certain cases of need, furthermore, you may make a hardship withdrawal.

Similarly one may ask, how do I contact Valic?

You may also speak directly with one of our Customer Service Representatives by calling the Client Care Center at 1-800-448-2542 between 8:00 am and 9:00 pm Eastern Time, Monday through Friday.

What are the disadvantages of an annuity?

The Disadvantages of Annuities

  • Misleading High Yield Rates. One such trap is an initial teaser rate that promises a high-yield rate, when that rate only lasts for a year or so. …
  • Fees and Penalties. …
  • Early Withdrawal Fees. …
  • Difficulty of Passing On.

Is Valic still in business?

VALIC, a retirement plan provider for health care, K-12, higher education, government, religious, charitable and other not-for-profit organizations, will now be known as AIG Retirement Services.

Can you lose your money in an annuity?

The value of your annuity changes based on the performance of those investments. … This means that it is possible to lose money, including your principal with a variable annuity if the investments in your account don’t perform well. Variable annuities also tend to have higher fees increasing the chances of losing money.

How much should I have saved for retirement?

Retirement experts have offered various rules of thumb about how much you need to save: somewhere near $1 million, 80% to 90% of your annual pre-retirement income, 12 times your pre-retirement salary.

How much should I have in my 401k?

By the time you are 30, it’s ideal to have a 401k equal to about one year’s salary — so if you make $50,000 a year, you’d want to have $50,000 saved in your 401k account.

How long does it take to withdraw money from Valic?

Typical processing time for a loan is 5 to 7 business days. However, in cases where vesting applies, where information is missing or for special handling requests, the processing time may be longer.

Can I cash out my 403b if I quit my job?

For the most part you get to decide what happens to your 403(b) when you quit or change jobs. You may be able to leave your 403(b) with your old employer. Otherwise you can withdraw it, roll it into an IRA, or transfer it over to a new employer.

Can I withdraw money from my AIG Retirement Account?

Withdrawals are subject to ordinary income tax. Federal restrictions and a tax penalty might apply to early withdrawals.

What does AIG stand for?

American International Group, Inc.

Leave a Reply