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Prudential and the representative agent are only agreed to take your money, not caring how to better manage your savings & retirement. They work for their own profit only! Be aware of this if you choose Prudential. I want to state this, so this will not happen to other people!! I had an annuity account with New York Life and was not happy with the 1% given, and was advised by a Prudential agent that they could handle and do better than the 1 %, to end up making 0%!
I have $74K and had to lost $2K in surrender fee and after the first year, the agent came with "good news", "You didn't make any, but didn't lose any too!" He persuade and convinced me that whatever I would make on Prudential, would compensate the loss on penalty paid for taking the money out to make nothing! When questioned, they just said I agreed with everything and the agent is not suppose to handle my account anymore! I am fighting to get the money out from these greedy people! Stay away from Prudential!!!
I also am the victim of a huge financial annuity loss December 2018 by Prudential/AXA! Like those who have lost upwards of $60-70,000 in value of their portfolio I experienced the same. I have tried for six months (as of April 2019) to close out my account and have been unable to! From an agent not showing up for a scheduled meeting to calls to the head office to close the account, nothing is moving! Once these crooks have your money, you can kiss your financial future goodbye! Prudential is a Ponzi scheme as many here have related. Without your hard earned money coming into their pockets they have nothing!
Apply for a hardship loan after my son had cancer and receiving a bone marrow transplant. Had all paperwork from the hospital doctor. Bills over $47,000. 2 months later we had a hail storm and wind damage in my house with $15,000 of damage. Requested $25,000 out of my $50,000 available. Gave them over 300 pages of documents and they continue to say not enough paperwork, not enough proof then I was approved then denied then approved then denied over three times. I'm at the end. I never got a penny. Never got a dime out of them. I gave up. Oh after 2 months of fighting for my money the money I put in they will not give me anything. This is an overseas account. They are still in the American money. It's racketeering. Someone needs to get together and have a class action lawsuit against these people. It's unfair. It's not right what they're doing to the American people. They're stealing our money.
They were the most unhelpful people to handle your funds, they all say different things and to this day I am waiting on my funds. It has been months! Set up your own retirement! They are not professional at all!
As of this date... I have lost $60,000 dollars out of my annuity value. Prudential invests in themselves it seems and it's a losing deal. I cannot/will not recommend Prudential. Find someone else for investment management. I never receive any literature from them in the yrs I have been with them. No year end statements no agent calls to review account. Nothing. They took my money and have squandered it. In my opinion, they can't manage their way out of wet paper bag!
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I opened this annuity through a broker, and after 10 years it has stopped growing. Knew this up front. No problem, but trying to get my annual check or even my balance was incredibly difficult. I had electronic access up until their "new server". I live overseas, and since they had a problem verifying the ip, because it was Myanmar, their IT department decided the correct approach was for me to purchase (at my expense) a VPN account which I successfully used for the last three years. In August their "new server" no longer allows VPN access, and after a month they had no solution. Kept trying to tell me it was my computer.
Finally got someone in IT to admit it was because they no way to access the computer in Myanmar to verify it was me. Password, three challenge questions, two factor authentication but gee... no way. Even a pinky swear wouldn't work. Had to call my broker to have them work as a middle man. To eliminate the hassle, I tried to set up an automatic ACH deposit to my stateside bank. Oh we need a voided check, now remember I am 10,000 miles away and no one accepts checks in this country... so obviously no checks. I contacted my VERY supportive bank Navy Federal Credit Union, and they said "no problem" and created a form with the correct routing number and account number in the form of a voided check complete with usage instructions.I have had this account since I was overseas in the Navy which dates back to the 70s but because they numbered the voided check 100... Prudential declined it suggesting that it was a "starter check". No cross check with the institution just NOPE. Avoid these idiots like the plague, and please tell everyone you talk to.
Thanks - ps system wouldn't let me give then a "no stars".
I am trying to find somewhere to post my displeasure at this company so others avoid going through the same problems. It’s taken 14 months to cash out my pension plan and I have read the same from other folks. My plan was in the UK so the issue is company wide. For 14 months I went in circles trying to get my money, by the time I did the value of the dollar dropped and cost me a few thousand dollars. I am currently trying to get reimbursed for all my costs, so anyone looking to invest go elsewhere.
My wife and I were told by the Prudential salesperson that we would, if we left or 300k annuity untouch for ten years, we would then be guaranteed a minimum of 60k per year for life. Five years into the contract we learned that we were in fact guaranteed only half that amount. As it turns out, we will have to live into our late 80's to have this investment make sense. The company refuses to allow us a meeting in person with someone from personal relations. It has been a nightmare experience for us. I urge anyone considering a Prudential annuity, or any other annuity for that matter, to consult an independent expert who can evaluate whether this EXTREMELY complex instrument is right for you.
I retired at 53 and chose Prudential to help make it last. After 10 years and somewhat limited funds to invest in, I broke even. They advertise how great they are with money but they only make it for themselves and not the customer. Think twice or 3 times before you pick Prudential.
My grandmother set up an Educational Annuity for my granddaughter. At the time it was set up, my grandmother had my mother's name added as the secondary person that could access the account management. When my grandmother passed away, my mother was the only person that could manage the document. Now that my mother is 87 years old, she was wanting another person named on the account. She wanted to make sure there wouldn't be any problems with the account after her death. Since the account was set up for my granddaughter, she wanted my name to be added to the document. We did that last Fall. Now it is time that we get all of our tax documents in order to do our personal taxes.
This year, for the first time since the account was set up, we get a 1099R form saying that my mother has to claim $5630 as "income" on her taxes for this account. WHAT??? We have not made any deposits or withdrawals in this account. How can we have had a "distribution" income? After a few hours on the phone with the company (Yes, their customer service people were very nice.) what it all boiled down to was when we added my name to the account, that is called a "taxable event". I asked several times why we were not informed of this in advance and the reply was "We are not tax experts. We cannot give tax advice." Well, that is true, BUT why couldn't they have notified us in some way that when we added my name it would be a "taxable event"?
Why couldn't they have stated, "We are not tax experts and cannot give you tax advice, but this will change your taxes for next year. You should contact a tax professional to understand how this will affect your taxes so you can make an informed decision." There was NO information given to us about that fact. This is very deceitful practices on their part. Shame on you, Prudential. My grandmother put her trust in you and you should be worthy of her trust. BEWARE. Know what you are getting into whenever you make any changes to an account with them. I have always heard good things about this company and am extremely disappointed with them now.
There is hardly ever a long wait time on the phone. It's very easy to talk to a person and they're happy to help. But people are nice and also speak Spanish fluently. And the payout options are wonderful. I tell all my friends, family and family friends about Prudential Annuities. Even my dog knows about the payout options.
Prudential Annuities has a decent customer service department. Find a good, trustworthy agent to do business with, and build a long term relationship. If you find the right people (and there are many) your service experience will be a good one. My agent did a transfer of assets from another firm straight into this annuity. I checked with my CPA to see what potential tax implications there might be, and then proceeded. Overall, it was a smooth process without any hiccups. Happy with product and performance.
The experience was ok. It will never be what it was everyone should have there. The people tried to help me the best they could or what they knew theirselves. They were fast and thorough. We did not wait too long. The payout options are pretty good. I do get it but sometimes it was a little fast we need to check our slips and make sure it was all alright. The funding is good and accurate and not fraud. We need to always check to make sure there was not a human error. I always check to make sure you all right and it always is.
I had a policy with this company for several years with a retirement fund savings plan. Three months ago I moved from California to Puerto Rico. When I got over here I start looking for a job to cover my payment of my policy. So I decided to canceled it surrendering it and this company promised to send me a check for the cash value of the policy and ask me to given my new address so they can send me a set of forms to be filled out and return to them. I told them to send them via email and they agree. They send them but when I try to open the secured e-mail it did not open following the instructions they say to follow.
So it went for days and days trying to open the email and finally after several calls and many hours of waiting on the phone I finally opened the email and I did printed the forms and send them by mail because they say it was the only option they had. They promised they will send the check from seven to ten days after receiving the forms. I wait that time and one day I received an envelope with a letter where they say that in a different envelope I will receive the check. I kept waiting for that envelope and never receive it till I call them after Easter week and the answer was that my check was returned from the post office. I went to the post office and ask the person that is in charge of the mail in my area. He said that he never returned such envelope.
So Prudential people say they will resend the check and ask me to given a week to receive it. After a week I call them back and they say they had send the check on the 24th of April. That was on Thursday the 27th. Then they say to check the mail by Tuesday the 2nd of May. Today I checked my mail today and nothing. I call them back. The person that answer gave me with a supervisor specialist and this lady came on the phone and told me that my check is in the way since the 24th of April and shouldn't take no longer than June the 8th. So I told her that I better write a review about it and she just say that she apologize for this matter.
Bought this Pru highest daily lifetime 7 product as it promised to allow market participation with downside protection, but subaccounts in my opinion, since purchase have been corrupted by Pru with Prudential created volatility "stabilizers" for lack of better word to describe them that steal the upside performance almost completely away and am stuck real lying on their guaranteed income returns which means that I am hostage to their annuity as cash value isn't growing at all near the levels it should if they hadn't put those securities into the subaccounts. Should've know this product sounded too good to be true. Avoid my mistake by avoiding Prudential Annuities.
I have been very pleased with the service received from Prudential, the funding options presented, and the payout options available. I was very unsure of the process in the beginning but was walked through each step with great explanation from the Prudential sales team. The funding options fit with my lifestyle and financial portfolio. I am at this point very certain in how and when I am planning to take my payouts, so I am less concerned with flexibility to be honest. At this point, I am more concerned with paying in, rather than withdrawing. However, I believe that when the time comes that I need to discuss withdraw, I will be pleased with the agreed upon terms. The most important thing is to ask questions, and if you can't get the answers you need, ask to speak to someone else. It's your hard earned money. Prudential was very helpful in making me an informed customer.
When I first called to have everything set up I talked to a very nice and polite receptionist. She helped me with everything just in case I didn't understand anything and at the end of she made sure that I was satisfied. Withdraw option was easy. I like that they make sure you are who you are. They have several security questions that they ask you to make sure no one else are trying to be you. I like that my savings are being protected. Moreover, the funding options are great. They have several different types of Trust that you can put your money in and they will help you if you're undecided. Also, I like that they have several payout options. The more the better because not everybody have the same options the way to get paid.
I've had an annuity with them for 10 years and wanted a fixed rate. They offered me a fixed rate and knowing that I took a monthly draw, didn't explain that if I took a draw from this new "Fixed" account I would pay a penalty. Now I'm stuck and they won't do anything about it.
I have a Prudential Premier Retirement B Series Annuity. I intend to annuitize it in 2022, which was always my plan. The withdrawal base is adjusted upward and locked in each time the investments inside the annuity reach a new market high. Step ups have occurred 35 times since my investment date, but the most recent step up was 7/3/2014 - indicating this investment is underperforming virtually EVERYTHING else available in an exceptionally bullish period for stocks. But hey - at least for this crummy performance I get to pay some of the highest fees you can find on planet earth.
To anyone considering a Prudential annuity, or any product from Prudential, I urge you to RUN as fast as possible in the other direction. Please note that my customer service score below applies ONLY to the people on the phone - who are courteous and knowledgeable if you have the stamina to endure the incredibly annoying phone menus and get through to a human being. The poor schmucks who have the nasty job of fielding calls are not to blame for the fact that the products are a ripoff.
The strength of Prudential gave me confidence to invest with them. The advisor was the most knowledgeable financial planner I have ever met. In only a few weeks, he had a tiered plan that made sense. We consolidated some investments that were underperforming and rolled them into a variable annuity that offered low risk, reasonable growth, and a long term solution that lets me focus on other things instead of the ups and downs of the market. Daily rollups are great benefit but I don't expect them to be frequent.:( The financial planner made practical suggestions about withholding cash until distributions begin, and his projections have been spot on! The website is easy to use as well, a great benefit for someone who hates paper and prefers electronic everything. Great job Prudential! You are a good fit for my financial needs and planning!!!
Not the best customer service, but they try. It seems once they get your money, you're not as "important". I wish they cared throughout the entire process. You figure if you have an emergency you should be able to take what you need, if you have it. It was like pulling teeth when I wrecked my car, I needed to take cash out to get a new car. Took me 6 months. It's not as bad as some other ones out there but a little better interest rate would be great. It's not like that would put them out of business. With so many different options out there, I'd be remiss if I didn't say it could be way better. But I'm ok with what I get, just wish it was better.
They were very professional. They helped me understand the process and worked with me to make sure I knew everything about purchasing an annuity through their company. They answered any and all questions I had. Very helpful and easy. Overall it was a fantastic experience. The employees met my needs easily. It was an extremely pleasant experience and I was happy to be able to work with their great employees who helped the process very easy. Twas a wonderful experience. Everyone was so very helpful in explaining all of my options and they met my needs beyond expectations. I'd definitely recommend them.
The people are very friendly and knowledgeable. The staff was very helpful though. I'm sure there's a penalty for early withdrawal and I don't want to do that yet. I want to stick it out and see what happens. You can get it in a lump sum or spread out depending on the amount. I'm not sure of all the details but hopefully I'll get more knowledgeable and educated on this and read everything I can so I can make better decisions and hopefully make some money.
Very good quality. I found it fast and efficient. I am happy I am using this website. I want to recommend it to my friends. They will enjoy the quality. There are many different way I can withdraw my funds. The site is easy to understand and if assistance is needed it is available. The payouts are quick and easy to get. You can just log on when you need to and you are ready. No fuss at all. Just start and it is easy ready set go. Funding is easy. Just sign right in and get ready to go just access this site and you are ready set go. Just start up, find what you want and you are ready.
Amazing service, they explain their services very well, answer every question with gracefulness, professionalism. They also don't have long hold times when calling in. I get to choose when and how much I want to withdraw, I can also set during what periods I want to withdraw and everything is guaranteed. I have period for certain phases to payout like when and how long after I die. Even if it is a lump sum or in small increments. I am able to fund this however I want... increments paid, lump sum, etc.
Words cannot describe how I feel about the customer service team. They are friendly, experienced, and skilled problem solvers! I know I can trust them. Withdrawals are made very easy for anybody who wishes to do so. I am truly amazed by how simple it is to complete such a task! Incredible. The payout options are pretty good. I have seemingly tons of options to make payouts and I tend to use all of them whenever I feel it's necessary. I can't say enough good things about this company. The funding options are great, just like the other parts of the company. Truly amazing.
It was hard to get in touch with someone to discuss payment distribution disputes. Often I would get an automated service and would have trouble getting a real person on the phone. The menu of options did not always address what I was looking for. I was hoping to negotiate a lower annuity payment age but they had a nonflexible distribution age requirement. This is an instance where I wanted to speak with someone over the phone. I was happy with their offered layout options. Although they tried to convince me to get a period certain, I ended up going with life with guaranteed term. I was overall pleased with my experience selecting funding options. They offered me single payment, series of payments or social security, and I chose a series of payments.
An associate will guide you and help you understand the situation. Be sure to give them all the necessary information in order to get the best results and most money possible. I am able to withdraw enough money each month to pay all my bills. They helped me get the maximum amount of money that was due to me. My payments are always on time and accessible whenever I need it. I chose to have my payments come on a monthly basis. That helps me to budget my money instead of a lump sum that I may waste or overspend. They had the funds to help me before everything was settled. So I'm satisfied with their funding.
I had a few hiccups in the process but the people who I talked with were very helpful and explained things easily. I contacted customer service about three times twice on the phone and once on an app and each time someone was able to help me with my situation and fix the problem immediately. I think this company is one of the best ones out there. They have people who really know what they are doing and they are very helpful and make me feel like they actually care about what I am doing and who I am as a person. We came to an arrangement that best fit my needs. I was at first told I couldn't do what I wanted to but then with a bit of persuasion then I was able to get my way. There could have been more of these options available but because of my past credit history and other issues I was not able to do exactly as I wanted to but everything worked out fine.
I was new to investing and they were always very helpful and didn't make me feel stupid. I highly recommend this company for people just starting out. I plan to have my money here for a long time and see no need in taking it out. They really helped me make the most of the money I had because they knew like I did, it would have to last me the rest of my life. So they asked me what my plans were for the future, if I wanted to travel, etc and we budgeted that in.
Prudential Annuities expert review by Jim Blankenship
Prudential, also known as "The Rock," has been in business for nearly 140 years. Today, Prudential is one of the most recognized and one of the world's largest financial services institutions. Prudential was also one of the few companies that declined to participate in the TARP program in 2009.
Service online: This secure online resource allows customers to access their account any time for checking values, making transfers, and downloading statements.
Retirement Red Zone: Prudential helps to educate and inform consumers through its Retirement Red Zone, named for the years during which it is crucial to turn retirement savings into cash that will last a lifetime.
Highest Daily Lifetime Income: This optional purchase with Prudential variable annuities allows consumers to lock in new account highs daily.
Find a Financial Advisor: Consumers wishing to discuss Prudential annuities can use the online tool to find local Prudential and independent financial advisors.
Roadmap to Retirement: Prudential provides this educational reference to current and prospective customers outlining the steps to take, and the conversations to have, when planning for retirement.
Best for: Savers, savers plus income generators, and retirees.
Prudential Annuities Company Information
- Company Name:
- Prudential Annuities
- One Corporate Drive
- Postal Code:
- United States
- (888) 778-2888