Annuities for the Disabled?

[honestagent]

Hello. Can anybody please tell me if the people collecting social security can buy an annuity?

The person is 42, just received Medicare & lives in MI.

I may have a case I can refer. Person is expecting a HUGE back pay and would like something with a high interest % if applicable to draw off of monthly, and minimal tax ramifications - if needed - when liquified. I say if needed in case the person can get better & return to full time work and normal living.

Also is there underwriting?

Thank you.

Please pm your phone # for possible referral.

 

[scagnt83]

Hello. Can anybody please tell me if the people collecting social security can buy an annuity?

The person is 42, just received Medicare & lives in MI.

I may have a case I can refer. Person is expecting a HUGE back pay and would like something with a high interest % if applicable to draw off of monthly, and minimal tax ramifications - if needed - when liquified. I say if needed in case the person can get better & return to full time work and normal living.

Also is there underwriting?

Thank you.

Please pm your phone # for possible referral.

I will send you a PM. There is no underwriting, but 42 is too young for taking distributions from an annuity. There will be a 10% penalty for withdrawing funds before age 59 1/2.

They should probably look at a market linked CD instead, or a brokerage account and invest in some bond funds.

 

[DHK]

scagnt83 will do a good job for you as well as Tahoe Ray and a few others on this forum.

This sounds like an after-tax workman's comp settlement or something like that. May be a good case for an immediate annuity with period certain payout and full liquidation options?