Quote:
Originally Posted by Gigi3000
This is what I don't understand. It's not an IRA but the bank advisor said with Lincoln Advantage Variable Index Fund I can pick the number of years to spread it over? They downplayed the 5 year option to keep with with Nationwide, said it Is an older policy....
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It's pretty simple. The bank advisor wants you to move the money to another annuity so he can make a large commission. Even if you spread the income over several years, you will still pay the tax. You may save a small amount in taxes by delaying the income, but you will also save money by avoiding the annuity fees and other restrictions.
I would suggest that you ask the bank advisor to give you a copy of the "entire" annuity contract, not the sales brochure. He will probably refuse to provide it. But, if he does give it to you, it will be a very large document that you will not understand. I have never been able to get an annuity salesperson to provide the contract they are trying to sell. I had one hang up on me when I asked. Their sales policy is to make you buy it before you can read it. Absurd.