Looking for a Nice Fixed Indexed Annuity

[marketing]

I have a female planning to retire this year with about 300k to 400k. We're in Florida, she's about 50 around 52. Wanted something I could use diversely in about three different options. Didn't want to put all her eggs in one basket; thanks for the assistance.

Other than North American/have them

 

[Tahoe Ray]

I have a female planning to retire this year with about 300k to 400k. We're in Florida, she's about over 50 around 52. wanted something I could use diversely in about three different options. Didn't want to put all her eggs in one basket; thanks for the assistance.

other than North American/have them

You say that she is retiring. Does she need to immediately draw income from the 300-400k or does she have other means (e.g., a pension)?

 

[SWM]

Are the funds qualified? Are there some non-qualified funds available as well to get her to 59 1/2. Until then, you may need to run a 72(T) or (Q) calculation if she is planning on using funds now based on where the money is being held.

You also have to be careful with the 72(T) as it may lock her into a fixed rate on a GMIB at current age. Give us some more particulars please.

 

[marketing]

when she retires, she would need an immediate income annuity. That's one of the reason I wanted to have options. an Immediate with two others.
I'm not sure if the fund are qulified or not. I will ask the question when I speak with her later this week. In the process of closing a life policy for her son. This discussion came when I began asking question and hit the lottery.

 

[SWM]

when she retires, she would need an immediate income annuity. That's one of the reason I wanted to have options. an Immediate with two others.
I'm not sure if the fund are qulified or not. I will ask the question when I speak with her later this week. In the process of closing a life policy for her son. This discussion came when I began asking question and hit the lottery.

OK, get as much info as you can regarding where the funds are now and whether they are Q or NQ, then let us know. Hopefully we can give an educated recommendation. Do a complete suitability profile, liquidity needs, income needs, expected Soc Sec income, etc..

 

[Tahoe Ray]

when she retires, she would need an immediate income annuity. That's one of the reason I wanted to have options. an Immediate with two others.
I'm not sure if the fund are qulified or not. I will ask the question when I speak with her later this week. In the process of closing a life policy for her son. This discussion came when I began asking question and hit the lottery.

How much income does she need (and don't let her say "as much as I can get")? That is the most important issue here and will really dictate what products/strategies will work and what ones won't.

As SWM points out, having to do a 72t/q can not only limit the funds that she is able to access but can put her at a disadvantage in locking her at a lower age band.

It looks like it could be a good case...if she thinks that she is going to get 3k/mo though, maybe not so much.

 

[marketing]

I was looking to get her around 1000k per month. pay off the house 30k; and any bills maybe 10k...the rest are investments.
an income stream 1000k per month; see what options we have

 

[SWM]

I was looking to get her around 1000k per month. pay off the house 30k; and any bills maybe 10k...the rest are investments.
an income stream 1000k per month; see what options we have

Still cannot give any advice until we know where those funds are and how they are titled. If they are qualified, you would expose her to penalty outside of a 72 calc. Lump sums in early retirement are sometimes best done by using a 401k loan to avoid penalty, but I do not know if she has 401k or 403b that we could use for loan......Please let us know.

 

[Tahoe Ray]

I was looking to get her around 1000k per month. pay off the house 30k; and any bills maybe 10k...the rest are investments.
an income stream 1000k per month; see what options we have

Great...that seems reasonable. Let us know how much is qualified vs. non-qual and what mix is 401k/403b vs. IRA (or any other classifications) and we'll get you some ideas.

 

[Norwayguy]

I was looking to get her around 1000k per month. pay off the house 30k; and any bills maybe 10k...the rest are investments.
an income stream 1000k per month; see what options we have

Okay I am reading a problem here you want 1 million per month?