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Transfer $$ From Axa Equitable To Tiaa-Cref?

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Hello All,

 

I stumbled across this website yesterday, and have since found it super helpful! I wanted to pick your brains on a dilemma of mine.

 

I used to work for HISD (Houston, TX) where I had a 403b account with AXA. I opened the account on 10/22/2010 and contributed $9,596.82 during the year that I worked in that school district. As of 12/31/12 (more than 2 years now), my total account value is $10,355.09. I currently work at a private school which offers 403b plans with TIAA-CREF.I was ineligible in my first year here, so I just opened an account and started contributing to it this past fall. When I received my quaterly portfolio review from AXA equitable, I was a little infuriated to see the $30.00 annual fee deducted from my account (more so because I know TIAA-CREF doesn't charge annual fees, is that right?). Anyways, I thought it might be easier if I had all my money in one account (or with one 403b provider). So I am thinking about transferring the money I have in my AXA account to TIAA-CREF. I am 26 years old and don't really need the money now (and hopefully for the next couple years) so I wanted to run this idea by y'all and ask if it's a good idea to transfer the money to TIAA-CREF or if I should just let it stay with AXA... After all, a little surprise later in the future wouldn't be bad (i.e. I discover 30 years from now that my $$ with AXA is $100,000 lol)

 

This is what my AXA portfolio looks like:

Large Cap: 36.96% (EQ/BlackRock Basic Value Eqty: 20.24% and EQ/T. Rowe Price Growth Stock: 16.72%)

Small/Mid Cap: 29.65% (EQ/GAMCO Small Company Value: 13.66% and EQ/Mid Cap Value PLUS: 15.99%)

International Stocks/Global: 23.75% (EQ/Global Multi-Sector Equity: 11.54% and EQ/International Value PLUS 12.21%)

Guaranteed-Fixed: 9.64%

 

Note: I think the AXA lady advised me to go aggressive with my investments since I am young (well, that's what she told me). I didn't do any research when I opened the AXA account--well, the lady literally forced it down my throat. I didn't even know what a 403b was (still learning more and more each day).

 

I spoke to a TIAA-CREF rep yesterday and he emailed me the forms that I need to fill out and send to AXA, but I wasn't sure if AXA was going to charge any fees for pulling out (anyone know?) and even if they would allow me to transfer out. I think I suggested it once when I first moved to my new school, but my AXA rep suggested I keep the account.

 

Let me know if you need more info from me. Thanks in advance for your insightful answers/comments.

 

George

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Hello All,

 

I stumbled across this website yesterday, and have since found it super helpful! I wanted to pick your brains on a dilemma of mine.

 

I used to work for HISD (Houston, TX) where I had a 403b account with AXA. I opened the account on 10/22/2010 and contributed $9,596.82 during the year that I worked in that school district. As of 12/31/12 (more than 2 years now), my total account value is $10,355.09. I currently work at a private school which offers 403b plans with TIAA-CREF.I was ineligible in my first year here, so I just opened an account and started contributing to it this past fall. When I received my quaterly portfolio review from AXA equitable, I was a little infuriated to see the $30.00 annual fee deducted from my account (more so because I know TIAA-CREF doesn't charge annual fees, is that right?). Anyways, I thought it might be easier if I had all my money in one account (or with one 403b provider). So I am thinking about transferring the money I have in my AXA account to TIAA-CREF. I am 26 years old and don't really need the money now (and hopefully for the next couple years) so I wanted to run this idea by y'all and ask if it's a good idea to transfer the money to TIAA-CREF or if I should just let it stay with AXA... After all, a little surprise later in the future wouldn't be bad (i.e. I discover 30 years from now that my $$ with AXA is $100,000 lol)

 

This is what my AXA portfolio looks like:

Large Cap: 36.96% (EQ/BlackRock Basic Value Eqty: 20.24% and EQ/T. Rowe Price Growth Stock: 16.72%)

Small/Mid Cap: 29.65% (EQ/GAMCO Small Company Value: 13.66% and EQ/Mid Cap Value PLUS: 15.99%)

International Stocks/Global: 23.75% (EQ/Global Multi-Sector Equity: 11.54% and EQ/International Value PLUS 12.21%)

Guaranteed-Fixed: 9.64%

 

Note: I think the AXA lady advised me to go aggressive with my investments since I am young (well, that's what she told me). I didn't do any research when I opened the AXA account--well, the lady literally forced it down my throat. I didn't even know what a 403b was (still learning more and more each day).

 

I spoke to a TIAA-CREF rep yesterday and he emailed me the forms that I need to fill out and send to AXA, but I wasn't sure if AXA was going to charge any fees for pulling out (anyone know?) and even if they would allow me to transfer out. I think I suggested it once when I first moved to my new school, but my AXA rep suggested I keep the account.

 

Let me know if you need more info from me. Thanks in advance for your insightful answers/comments.

 

George

 

 

1) you should consider using the index funds at AXA equitable to save expenses. I like the GAMCO fund there, but in most AXA plans there are index funds, mid-cap index, small cap index, s&p 500 index, etc.

 

2) if you switch you're going to lose 5% of your account value, or in your case about $500-600

 

 

I'm debating the exact same thing as you. My only difference is that i'm older and have about 4X as much money and surrender charges.

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Please refer to my other post. NOT ALL index funds are created equal. Look at the expense ratio and if there are any other expenses tied to it. They can sometimes be just as pad as other investments once insurance companies wrap their greedy paws around the index fund.

 

Its a no brainer to me at your age. Bite the bullet and get out of AXA and kiss all your ties to insurance companies goodbye when it comes to investing for retirement. TIAA CREFF is superior in every way. You will make up the surrendar loses over time by paying a lower expense ratio with Creff.

 

In terms of allocation keep 26% of your money (age in Bonds) in a intermediate bond fund and the rest you can invest aggressively at your age in stock funds.

 

I can't stress to you enough to stay away from insurance companies. Trust me . Been there. Done that.

 

Tony

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Please refer to my other post. NOT ALL index funds are created equal. Look at the expense ratio and if there are any other expenses tied to it. They can sometimes be just as pad as other investments once insurance companies wrap their greedy paws around the index fund.

 

Its a no brainer to me at your age. Bite the bullet and get out of AXA and kiss all your ties to insurance companies goodbye when it comes to investing for retirement. TIAA CREFF is superior in every way. You will make up the surrendar loses over time by paying a lower expense ratio with Creff.

 

In terms of allocation keep 26% of your money (age in Bonds) in a intermediate bond fund and the rest you can invest aggressively at your age in stock funds.

 

I can't stress to you enough to stay away from insurance companies. Trust me . Been there. Done that.

 

Tony

 

 

Hi Tony,

Which other post of yours did you want me to refer to?

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Thanks again for the advice, Tony! I read the other post that you referred to.

 

It really is a no brainer; for the 2+ years that I've been with AXA my $$ have only accrued ~$758 after $9596 in contributions and I know the market had a rough time in 2011 etc, but the expenses are killing my account. I've only had TIAA-CREF account since Sept of this year and with only $6766 in contributions, I've raked in $423 in dividends. I will bite the bullet and transfer out of AXA. Thanks for the advice and lots of thanks to this website!

 

George

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