New Reviewer

Be sure before your dollars are locked away.

1.0
Update by user May 21, 2019

Was allowed to take a partial payout ($7000) in 2018. They sent me a 1099 that I had to claim on income tax, as income.

Was not informed that any $$$ would be taxed. When American Equity does start lifetime payments.

Just be prepared to be accountable at tax time, your $$$ are being reported and watched. KO

Update by user Nov 26, 2018

I have requested more concerns to American Equity regarding their policy that protects "our" dollars from abuse by companies that claim to have our best interests in their equity program. No contact, at all, and no return of my retirement dollars.

Only, one thing to say, again and again....Don't fall for this companies claims, of "handling your retirement". Handle YOUR retirement yourself. This company swoops in, and once those papers are signed, after 30 days, they are in charge.

Again, I was a fool, have someone U trust, to help U protect your dollars. KO

Original review posted by user Oct 23, 2018
I signed up for this so called retirement package, and am now required to "play by their rules". Big penalties, should you decide to take back some of "your" dollars, before their 10 year schedule is met. I know that this American Equity Investment Life, relies on us leaving our dollars, in their account, to be claimed by them ....as their assets. Their claim to fame can be settled in just three letters....OPM! Once signed up, the dollars are theirs, till that contract marker is met....or you die early, then it is given to your beneficiary. Easier choice! Just saying, don't be sweet talked into signing on that easy. Talk with someone....no, have someone with you, to go over all those contract details. Fare warning! KO
View full review
Comment
Helpful 0 Not helpful 0
ID
#1387386 Review #1387386 is a subjective opinion of poster.
Location
West Des Moines, Iowa
Product
American Equity Investment Life Insurance Company Retirement Plan
Pros
  • Saleman pitch
Cons
  • Being charged with my money as a penalty
Reason of review
Not my planned retirement program.
Loss
$7000
Preferred solution
Don't think I have one, just want others to be aware...of choices.

Why Trust Reviews on PissedConsumer?

  • Professional auto and live moderation
  • 100% user-generated content
  • Equal opportunity and protection
  • Zero tolerance for fake reviews
  • Verified content

For more information read Blog article