[QUOTE=Gigi3000;1990350]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...[/QUOTE
NEVER buy a variable annuity, I purchased one almost 20 years ago.
The commission the seller makes and annual maintenance fees are outrageous.
I am a Vanguard investor for 4 decades and should have known better, I listened to a "friend". I periodically make withdrawals and was lucky that the stock market was very strong. I should have just put the money in a S&P fund, Vanguard charges only 4 basis points, a year.
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