Liquidating an annuity No sign up no pay sex chat
Most likely, you are not going to have a benevolent employer who will take care of you all your working life, then go on protecting you with a pension throughout your retirement.What will happen to Social Security, and the promise of that system, is anyone's guess--although the people who are guessing don't, for the most part, have high hopes that the system will protect you in the way you might hope it will.So, the money you pay into an annuity (in the form of premiums) is nondeductible.By placing funds in an annuity, you will not realize any current income tax savings, unlike putting money into a traditional IRA, 401(k) plan, or other employer-sponsored retirement plan.
And for many of us, tomorrow may be closer than we think.
If you have a variable annuity that is owned inside of an IRA account you can simply roll your funds out of the variable annuity and into a regular IRA at a bank, mutual fund company, or brokerage firm.
Since the funds are still inside of the IRA wrapper, it is considered a transfer or rollover, and no taxes are due on such a transaction.
They're safe and stodgy and have higher operating costs, kind of like your grandfather's big old sedan.
For some investors, an annuity is a useful vehicle for long-term retirement planning.
Too often, we base our thoughts, phrase our words, and take action based on myths that have been passed down from parent to child, financial advisor to client, real estate agent to homebuyer, car salesman or insurance agent to consumer, from colleague to colleague, neighbor to neighbor, or friend to friend.