Quote:
Originally Posted by Gigi3000
I'm 63, cost basis $160000, gain $200000. Bank advisor offered indexed variable annunity, 10 year spread. Anyone familiar with these? I have no experience with annunities. Trying to figure out whether to take lump sum and just pay the $70000 tax bill or do the annunity. If I take the annunity I'd put it into index mutual funds. My situation is very simple...I have no income, lots of savings, no mortgage on home, no tax deductions. If take annunity, goal.would be income I guess. Not taking social security, maybe take at 65.or wait until 70...
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Consult a financial advisor! Plenty here for you…or wherever you are. Don’t consult an annuity guy. They’ll take their huge chunk up front. I had only annuities until I moved here. New hubby and financial advisor talked me into not buying more. They were RIGHT! Financial advisor put me in a moderately risky set of investments without annuities. Doing well! Monitored constantly. Waiting until my annuities ‘mature’ in order to get out of them or keep some depending on their growth. They’re only getting 2% now and I’m getting 8% in my other investments. Also consult your tax advisor.