1. Social security getting the most out of your benefits
Hello everyone and thank you for joining us today. My name is ________ from AXA Equitable. Today, I am going to talk about an important topic, Social Security. It is important to you, it is important to me, and approximately 180 million other people in the United states who are not in this room. I know you have questions or want to know more.
AXA Advanced Markets
GE (1/16) (Exp. 1/18)
AXA Equitable Life Insurance Company (NY, NY)

2. Understanding the Value Solvency When to Begin Talking Benefits
Social Security
Understanding the Value
Solvency
When to Begin Talking Benefits
Working and Receiving Benefits
Maximizing Benefits
Let’s take a look at what I’m going to cover over the next hour.
First, I want to talk about the value of Social Security and the unique benefits it provides to retirees. In short, what it is, what it does, and how it works.
Second, I want to talk about the future of Social Security, and believe it or not give you some good news about the system.
I’m then going to discuss something that virtually everyone in this room is going to have to decide. When should you start taking your benefits?
I’ll follow that with a brief discussion about the impact of continuing to work while you are receiving benefits.
And finally, I’ll show you how you can maximize your income and survivorship benefits.
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3. Social Security: Understanding the Value
Social Security Value:
Provides income you can’t outlive
Provides income that is inflation adjusted
Provides survivorship benefits
Provides more income than you may think:
2016 Max Monthly Benefit: $2,639
10 Years: $386,298*
20 Years: $864,999*
30 Years: $1,508,377*
In a typical retirement income plan, Social Security income and survivorship benefits typically constitute the foundation to build on with other monetary sources. Why? Because it has attractive yet under-appreciated features that make it unique.
First, aside from pensions and annuities, no other sources of income guarantee income for as long as you live. Why is this important?
It provides income that is adjusted upward each year to keep up with inflation. We all know that the prices of things increase over time, but what about over a 20 or 30 year time span in retirement?
To help put it in perspective, how many of you bought a car in the last couple of years that cost more than their first home?
Another way to look at it is this [HOLD UP A DIME]. We all know what this is, but what was the last time you could use one of these to buy a first class postage stamp?
Answer: 1974
They definitely cost more than that today don’t they?
Third, Social Security benefits can extend to your surviving spouse.
Finally, it simply pays more money than people think. For instance, if someone retired last year (2013) and was eligible to receive the maximum monthly benefit here is how much they would get over their life depending on how long they lived.
Read slide numbers.
*Assumes an average 3% increase each year for inflation.
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4. Social Security: How it Works
Formula based on highest 35 years
Earnings indexed to inflation
Average Indexed Monthly Earnings (AIME)
$4,483
Example:
AIME = $6,420
90% ($856) = $770.40
32% ($4,301) = $1,376.32
15% ($1,263) = $189.45
$2, Primary Insurance Amount (PIA)
$5,157
Ok, now let’s look under the hood of Social Security and find out how it works. What you ultimately get out of Social Security is based on how much you put in over your working life. It’s based on a formula that looks at how much was earned (and put into the system) during a person’s top 35 years of working.
Past earnings are indexed upward to determine what is referred to as the Average Indexed Monthly Earnings or AIME.
The AIME is then subjected to a formula that determines your Primary Insurance Amount or PIA and this is the figure that you will receive as a monthly benefit at Normal Retirement Age. We’ll discuss these in a moment.
The formula is designed to give a greater benefit as a percentage of what was paid in for those who had lower wages during their lifetime than for those who made more money.
To help understand this let’s look at the following example of a person who had an Average Indexed Monthly Earning of $5,420:
Today, the formula consists of three parts. The first $744 of the AIME is multiplied by 90%. So in this case $ goes into the PIA.
The second breakpoint is $4,483, so everything between $744 and $4,483 is multiplied by 32%, or in this case $1,
Everything above $4,483 is multiplied by just 15%, and in our example this is $
We add them all together and get a primary insurance amount of $2,
Source: Social Security Administration
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5. Social Security: Estimating Benefits
Estimate Social Security Benefits with:
Annual Social Security Statement
Click on Estimate Your Retirement Benefits for online calculators
Ok, now that you have a better understanding of how it works, let’s get to the important stuff. Estimating how much you will get.
[POINT TO IMAGE OF THE SS STATEMENT ON THE SCREEN]
Now I’m sure everyone in here recognizes this. You have been receiving Your Social Security Statement approximately three months before your birthday since you were 25. This statement is probably the best way to get an idea of how much you will receive in benefits.
You can also go to the Social Security website or Both of these addresses will get you where you need to be.
On the left hand side of the landing page you will see a link called “Estimate Your Retirement Benefits.” Click there and follow the instructions on how to use the different calculators.
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6. Social Security: Estimating Benefits
This is a portion of page two of the Social Security statement. Here is where the Social Security Administration has done most of the heavy lifting and is providing estimates of how much you will get.
Let's look at some of these numbers and briefly examine what they mean. First of all, this is just a SAMPLE statement pulled directly from the Social Security Administration's website. Your numbers will be different.
[CLICK] In this example, the worker would get approximately $1,064 per month starting at age 62. No matter when you choose to fully retire, you may start receiving benefits as early as age 62. However, if you choose to start your benefits at age 62, they are reduced. We will discuss the ramifications of this in a moment.
[CLICK] Here, the $1,543 represents how much the worker will receive if he or she waits until full retirement, also known as normal retirement date.
[CLICK] The third arrow show us how much the worker will receive if he or she waits until age 70. You can see that it is nearly twice what you would have received starting at age 62.
[CLICK] The fourth arrow shows how much a surviving spouse can expect to receive.
[CLICK] Finally, in order to project approximately how much you will get, the Social Security Administration makes an assumption on how much you will CONTINUE to earn between now and when you retire. In this case, they assume the worker will continue to earn $42,181 until retirement age.
In short, if you earn substantially less the numbers above will be less, and if you earn substantially more, you may receive higher benefits.
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7. Social Security: Estimating Benefits
Page three of the statement is a history of earnings on which the calculations we discussed previously are based. The first reason for showing this page is to remind you to check the numbers and make sure that they accurately reflect their earnings history.
Another reason is to help understand the components and how employers over the years were required to “match” the Social Security taxes you paid. And of course, to remind those who are self employed, that they have to pay both sides.
The last reason is to illustrate that income, only up to a certain point is taxed for Social Security income benefits.
[CLICK] For 2014 that limit is $117,000
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8. Social Security: Spousal Benefits
A spouse can get 50% of primary worker’s benefits
A spouse will get the higher of their own benefit or the spousal benefit
Former spouses may be entitled to spousal benefits, but they must have been married for at least 10 years
Example: Bob and Sally
Bob’s Benefit: $2,200
Sally’s Benefit: $700
Sally’s Spousal Benefit: $1,100
Sally will get $1,100
Let's talk about benefits that are available to spouses who did not work outside of the home, did not have the required 40 quarters of covered earnings, or were working for an employer exempted from paying into the system.
A spouse can get up to 50% of the primary worker’s income benefit. This is in addition to the benefit received by the worker themselves.
In many cases a spouse is fully insured under Social Security, but they will be entitled to the larger of their own benefit or 50% of a spouses benefit.
Let’s look at Bob and Sally:
Bob’s benefit is $2,200.
Sally’s benefit based on her own work and earnings history is $700.
Sally’s spousal benefit is $1,100 or 50% of Bob’s so she will get $1,100 instead of $700.
And, for individuals who have been previously married: If the marriage lasted at least 10 years and they haven’t remarried, they’re are entitled to 50% of the former spouses’ benefit so long as it is greater than their own. It is important to note that the spousal benefit payable here does not reduce the former spouse’s benefit.
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9. Social Security: Survivor Benefits
A surviving spouse will receive the higher of either their own benefit or their deceased spouse’s benefit
Example: Bob and Sally
Bob’s Benefit: $2,200
Sally’s Benefit: $1,400
Bob passes away.
Sally’s benefit will increase to $2,200
Requirements:
The surviving spouse must be at least 60 years old.
The surviving spouse must be at least 50 years old if disabled.
You must be married for at least 9 months prior to your spouse’s death.
There are exceptions for accidents.
Survivor benefits work very similar to spousal benefits. A surviving spouse will receive the higher of their own benefit or that of the deceased spouse.
Let’s look at Bob and Sally again.
In this example Bob’s benefit is $2,200.
Sally’s benefit in this example is $1,400. Because her benefit is greater than the spousal benefit of $1,100 she receives this amount.
Bob dies.
Sally’s benefit will be increased to $2,200
In general two requirements must be met for survivor benefits to be paid:
Survivor must be at least 60 (50 for disabled)
Married at least 9 months prior to death unless death was accidental.
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10. Social Security: Solvency
2011: SSA pays more than it collects
2020: SSA taps principal
2033: Trust fund exhausted Collections continue
Projected 25% decrease in benefits after 2033
SSA
Collection and Payment Comparison
OK, time to dispel some myths and provide you with some good news about Social Security.
In 2013 the SSA’s report to Congress gave three important dates regarding the relative health and stability of the system:
2011 – Pays out more than they collect
2020 – SSA taps into principal of trust fund
2033 – trust fund is set to be exhausted
If no changes are made in the collection of revenues and/or the payment of benefits (current and projected) the following will occur on these dates:
But wait, does exhausted mean bankrupt, which then might mean that the pot is empty and no one gets any more money? No, and this is where the greatest confusion arises with most people. Even when the trust fund is exhausted Uncle Sam will continue to collect taxes and a portion of those taxes will continue (as they do today) to go to Social Security. Therefore, there will still be money in the pipeline to pay benefits…just not enough to pay 100%. The result is a projected 25% decrease (post 2033) of the benefits as calculated today. A projected decrease in 2033 if no changes are made to the system.
So for those retiring in the next few years, chances are they will see no reduction in their projected benefits.
Source: Social Security Report to Congress, 2013
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11. Social Security: Solvency
Fixing Social Security
Raise the retirement age.
Increase the cap on taxable earnings.
Lower benefit payments for future retirees.
Reduce Cost of Living Adjustments (COLAs) for all retirees.
Ok… chances are you are going to be fine… what about your children? What needs to happen to fix the system?
Unfortunately, there is no easy answer. However, there may be ways to make the system financially sound.
One possible way is to place the burden completely on the shoulders of those not retiring in the near future. These include:
Raising the age in which workers can retire and receive full benefits, and/or
Increasing or eliminating the cap on earnings that are subject to the Social Security tax ($117,000 today).
The problem here is that to make the system sound, the age would need to be raised significantly. And even if we eliminated the cap completely, it would only push the 2041 date out by three years.
Another option is more of a default option. Do nothing and see a decrease of approximately 25% in benefits for those retiring after 2041.
Perhaps the most equitable option is to simply change how cost of living adjustments are being applied to benefit payments. Today, they are based on annual national wage increases rather than the actual cost of goods and services. The former averaging 1 to 1.5% more than the latter. From a math perspective simply changing this along with minor changes to retirement age and caps on taxable income could make the system whole again.
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12. Social Security: When to Start
Rethink conventional wisdom: Age 62
Permanent reduction of nearly 25%
Increased longevity
Normal retirement age = 100% of benefit
Age 70: nearly 130%
Determine the break even age
Conventional wisdom has traditionally been to grab the benefits as early as possible (age 62) so you can enjoy the money while you are still around to use it. However, a more thoughtful approach is required to really vet out what is truly the best thing for you and your family.
Let's look at the math. Receiving benefits prior to normal retirement age can permanently reduce benefits by up to 25% (starting at age 62). Waiting past normal retirement age will increase the benefit with the greatest amount given to those who wait until age 70.
The question is, if you don’t know how long you’ll live, how can you make the best choice?
One way is to determine the break-even age.
The break-even age is the date where the accumulated value of higher benefits (from postponing retirement) will start to exceed the accumulated value of lower benefits (from choosing early retirement.)
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13. Social Security: Working While Receiving Benefits
Before Normal Retirement Age
2016 Limit: $15,720
Loss of $1 in benefit for every $2 over the limit
Triggered only by earned income
Normal Retirement Age 62
Now let's tackle another question. What about working while taking benefits? Many of you may want to pursue new interests, work part-time or simply do something fun that happens to pay them money.
Well Uncle Sam says this is fine … to a point. If you are taking Social Security benefits prior to normal retirement age there is a limit on how much you can earn before benefits are reduced.
The limit for 2014 is $15,480 in earned income. I stress earned, because the interest off your investments or distributions from 401(k)s and IRAs doesn’t count. It’s only what you earn that you will get a W-2 or 1099 for.
The formula works like this:
If a worker earns over this amount they will lose or have a reduction in Social Security benefit equal to $1.00 reduction in benefit for every $2.00 earned over the amount.
In the year of normal retirement you get to earn a bit more – approx. $41,000 but let’s just look at the period in between.
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14. Social Security: Working While Receiving Benefits
Before Normal Retirement Age
Bob is 63 and will semi-retire in 2016
His normal retirement age (NRA) is 66.
He elects to receive benefits immediately.
His monthly benefit is $1,600 or $19,200 annually.
He will earn $25,000 in wages during and will have $10,000 in investment income.
Here is an earnings test example:
Bob will semi-retire in 2016 and is age 63.
His normal retirement age is 66.
He has elected to begin receiving Social Security benefits immediately.
His monthly benefit is $1,600 or $19,200 annually.
He will earn $25,000 in wages during 2014 and will have investment income of $10,000.
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15. Social Security: Working While Receiving Benefits
Before Normal Retirement Age
________
$25,000
-$15,720
$9,280 ÷2
$4,640
Earned Income
Earnings Limit
Amount Over Limit
$1 Benefit Reduction for Each $2 Over Limit
Reduction in annual benefit
$25,000 Earned Income (we don’t count the investment income for test)
-$15,480 Earnings Limit
$9,520 over earnings limit / 2 = $4,940 (divide the amount over limit by two)
Bob’s annual benefit will be reduced by $4,760
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16. Social Security: Working While Receiving Benefits
Before Normal Retirement Age
The Good News!
Benefits are not lost, only deferred. At normal retirement age, Bob’s benefits will be recalculated to recoup lost benefits prior to age 66.
The Bottom Line.
If you want or need income, early benefits = OK!
Unfortunately, many people who either want to keep working or need to keep working keep their income below the amount because they don’t want to be penalized.
Here is the good news.
Yes, Bob here will have his immediate benefits reduced, but the money is not really lost. Social Security, at normal retirement age, will recalculate his benefits to compensate for benefits lost due to the earnings test. So, in essence, the earnings test is not a penalty, but rather a deferral of benefits. So bottom line, if you want or need to earn income above the limit you will get his or her money back over your lifetime.
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17. Social Security Claiming Strategies
File and Suspend
What is it?
What has changed?
Important Dates
Restricted Application
President Obama signed the Bipartisan Budget Act of 2015 on November 2, Included in this act are substantial changes to two popular Social Security Retirement Claiming Strategies. We will describe what these two strategies are and more importantly discuss what has changed with the two strategies. We will also discuss important dates for these changes.
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18. File and Suspend What is it? Why…
At Full Retirement Age one spouse files for Social Security benefits, but suspends payments
Delayed retirement credits will continue to accrue for the covered worker
Why…
Filing for benefits will open that individual’s work record so the spouse can begin collecting spousal benefits
The individual who suspended their benefits collects Delayed Retirement Credits on their benefit
Lets take a look at the first of the impacted strategies, File and Suspend. Social Security allowed for some additional planning strategies for an individual once they reached their full retirement age. One of these strategies was File and Suspend. In this strategy an individual who has reached full retirement age could file with social security and immediately suspend their benefits. The filing would allow their spouse to collect a 50% spousal benefit as long as this was greater than their own benefit. The suspension would allow the individual to take advantage of the Delayed Retirement Credits on their own benefit.
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19. Restricted Application
What is it?
Strategy in which an individual who has reached Full Retirement Age elects to receive a 50% Spousal Benefit instead of collecting their retirement benefit.
Why would you do this?
Allows an individual at FRA to access income based on Spousal Benefit without compromising DRC’s on own Benefit.
The individual’s spouse would need to have filed for their retirement benefit.
Only one spouse in a couple can do this.
Lets take a look at the 2nd claiming strategy to be impacted, the Restricted Application. In this strategy an individual who has reached full retirement age can elect to collect a 50% spousal benefit off of their spouses’s work history providing their spouse has filed for their retirement benefit. This would allow the individual to take advantage of the Delayed Retirement Credits on their own benefit while having access to some income through the spousal benefit off their spouse’s work history.
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20. Social Security Claiming Strategies: What Has Changed
The Bipartisan Budget Act of 2015
Eliminated the File and Suspend Strategy
In order for a spouse to collect a spousal benefit the other spouse must also be collecting a social security retirement benefit.
Effective Date – 6 months after bill goes into effect. (May 2016)
Anyone currently using this strategy will be grandfathered in.
Eliminated the Restricted Application Strategy
If an individual reaches Full Retirement Age they can no longer collect a spousal benefit instead of their own and allow their own benefit to receive Delayed Retirement Credits.
Will affect anyone turning 62 after 2015.
As mentioned earlier the Bipartisan Budget Act of 2015 includes significant changes to two popular social security retirement claiming strategies. The first strategy that is impacted is File and Suspend. This act eliminates the file and suspend strategy. In order for a spouse to collect a spousal benefit their spouse has to be collecting their own social security benefit. This eliminates the strategy of taking advantage of delayed retirement credits while simultaneously having a spouse collect the spousal benefit. This change goes into effect 6 months after the bill goes into effect. The act also eliminated the Restricted Application strategy. They did this by extending the “Deemed Filing Rule” to age 70. This means when an individual goes to collect a social security retirement benefit they must collect the largest benefit they are eligible for. Therefore an individual who reaches full retirement age can no longer collect a spousal benefit instead of their own benefit. Allowing their own benefit to increase due to delayed retirement credits.
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21. Social Security Taxation
Will my Social Security benefit be taxable?
If Provisional Income is over base amount, a portion of your benefit will be taxable
You have the ability to reposition assets to reduce tax liability
One question that commonly will be asked when discussing Social Security is “will my Social Security benefit be taxed”. In order to answer that question you will need to understand the calculation method used to determine the taxability of Social Security. The calculation will determine “provisional income”. Once the provisional income is determined you will be able to determine if your Social Security benefit will be taxable.
Even if you discover that your SS benefit will be taxable you still have the ability to reposition assets in the portfolio as tax-deferred investments are not part of the provisional income calculation.
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22. Social Security Taxation
Provisional Income Calculation
MAGI
+ Tax-Exempt Income
+ ½ Social Security Benefits
You get your provisional income by adding up the following:
Modified adjusted gross income,
Tax-exempt income (if any), and
50% of Social Security benefits
How much of your provisional income exceeds certain benchmarks will determine what portion of the benefit is taxable. Let’s look at how this works.
Provisional Income
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23. Social Security Taxation
Filing Status
Base Amount
Additional Amount
Single
$25,000
$34,000
Qualifying Widower
Married/Jointly
$32,000
$44,000
Here are the benchmarks I mentioned. As you can see there are different figures based on filing status. The benchmarks are broken down into a Base Amount and an Additional Amount.
Filing Status Base Amount Additional Single $25,000 $34,000 Head of Household $25,000 $34,000 Married Filing Jointly $32,000 $44,000 Married Filing Separately $0
Qualifying Widow(er) $25,000 $34,000
If the provisional income is less than the base amount you pay no taxes on Social Security benefits. If it falls between the base amount and the additional amount then half the Social Security benefits over the base amount are taxable. Note this cannot be more than 50% of benefits actually received.
If the provisional income exceeds the additional amount then $4,500 (or $6,000 if married filing jointly) plus 85% of benefits over the additional amount are taxable. Note, however, that this figure cannot exceed 85% of actual benefits received.
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24. Social Security Taxation
Opportunity to reposition assets
Can reposition unproductive taxable assets
Tax-deferred investments not part of provisional income calculation
What happens if you determine Social Security benefits will be taxed?
If this is the case then it may present an opportunity to take a look at the current portfolio. If there are assets that are currently producing taxable income that are not be utilized then there is an opportunity to reposition those assets into a tax deferred investment that will not be included in the provisional income calculation.
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25. Important Point About Medicare
If clients elect to delay Social Security benefits you still need to file for Medicare at 65
Medicare is a federal health insurance program
There is no early option for Medicare
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26. Social Security: Leveraging Benefits
You can’t look at Social Security in a vacuum
You need a comprehensive retirement income plan
You need to coordinate and integrate:
Social Security
Pensions
Personal Savings
Investments
Taxes
Succession and Estate Planning
I was invited today by [INSERT NAME] because he/she understands that Social Security is a vital part of your retirement planning process. However, it is just one facet of a complex process. Making certain that their transition into retirement is done smoothly and confidently requires a good deal of planning.
You need to integrate Social Security with pensions, personal savings, investments, taxes, and succession and estate planning.
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27. Social Security: Summary
Understanding Value
Solvency
When to Begin Taking Benefits
Working and Receiving Benefits
Maximizing Benefits
So let’s sum things up.
Today, I’m confident that each of you has a better understanding of how important Social Security benefits are to your retirement.
You got the qualified good news about Social Security that even after 2041 the majority of benefits promised will be paid.
You probably have a better idea about deciding when you should take benefits. And for those that plan to keep working while receiving benefits you got the good news that the income test is not really a penalty but a deferment of benefits.
And finally, you learned a way to maximize income and survivorship benefits.
So at this point I’d like to open things up for questions.
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28. Important Information
A deferred variable annuity is a long-term financial product designed for retirement purposes. In essence an annuity is a contractual agreement in which payment(s) are made to an insurance company, which agrees to pay out an income or a lump sum amount at a later date. Typically, variable annuities have mortality and expense charges, account fees, investment management fees, administrative fees and charges for special contract features. In addition, annuity contracts have exclusions and limitations. Early withdrawals may be subject to surrender charges.
All guarantees including optional benefits are based on the claims-paying ability of the issuing insurance company and do not apply to the subaccount investment options.
Variable annuities are sold by prospectus only which contains more complete information, including investment objectives, risks, charges and expenses. Investors should read the prospectus carefully before investing or sending money. Contact your financial professional for a copy of the current prospectus.
Amounts in the annuity’s variable investment options are subject to fluctuation in value and market risk, including loss of principal. Withdrawals may be taxable as ordinary income and, if taken prior to age 59 ½, an additional 10% federal income tax penalty may apply. Withdrawals reduce annuity contract benefits and values.
If you are purchasing an annuity contract as an Individual Retirement Annuity (IRA) or Tax Sheltered Annuity (TSA), or to fund an employer retirement plan (QP or Qualified Plan), you should be aware that such annuities do not provide tax deferral benefits beyond those already provided by the Internal Revenue Code. Before purchasing one of these annuities, you should consider whether its features and benefits beyond tax deferral meet your needs and goals. You may also want to consider the relative features, benefits and costs of these annuities with any other investment that you may use in connection with your retirement plan or arrangement.
Please be advised that this presentation is not intended as legal or tax advice. Accordingly, any tax information provided in this document is not intended or written to be used, and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed, and clients should seek advice based on their particular circumstances from an independent tax advisor.
Representatives of AXA Distributors, LLC do not act as investment advisors to your variable annuity under the terms of your contract, unless there is a separate client agreement between you specifically assuming that role. These representatives are not responsible for giving ongoing investment advice, including but not limited to reallocation and rebalancing, in the absence of a separate agreement.
Variable annuity products are issued by AXA Equitable Life Insurance Company, and are co-distributed by AXA Advisors, LLC, and AXA Distributors, LLC located at 1290 Avenue of the Americas, New York, NY,
Variable Annuities: Are Not Deposits of Any Bank  Are Not FDIC Insured  Are Not Insured by Any Federal Government Agency  Are Not Bank Guaranteed  May Go Down in Value.
AXA Equitable Life Insurance Company(NY,NY). Distributors: AXA Advisors, LLC and AXA Distributors, LLC.
AXA Equitable, AXA Advisors, and AXA Distributors are affiliated companies and do not provide legal or tax advice.
“AXA” is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company, AXA Advisors, LLC and AXA Distributors, LLC. AXA S.A. is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. The obligations of AXA Equitable Life Insurance Company are backed solely by their claims-paying ability.
Important Information
Please be advised that this presentation is not intended as legal or tax advice. Accordingly, any tax information provided in this document is not intended or written to be used, and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed, and clients should seek advice based on their particular circumstances from an independent tax advisor.
AXA Equitable Life Insurance Company(NY,NY). Distributors: AXA Advisors, LLC and AXA Distributors, LLC. AXA Equitable, AXA Advisors, and AXA Distributors are affiliated companies and do not provide legal or tax advice.
“AXA” is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company, AXA Advisors, LLC and AXA Distributors, LLC. AXA S.A. is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. The obligations of AXA Equitable Life Insurance Company are backed solely by their claims-paying ability.
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29. Thank you