[Gigi3000]

Originally Posted by Boomer

I know exactly what you mean in that last sentence. Some of us are not wired to own annuities. I know I'm not. Heck, I am not even wired to be able to stand to hire a financial advisor. . .

(Believe you me, I sometimes wish I could make myself hire an advisor, but I have been making money decisions for so long that I cannot seem to turn over the reins. Maybe someday. I did find one that I have said I would use if my family notices that I am suddenly investing in Pound Puppies or Franklin Mint Plates or Pez Dispensers.)

But we do depend on a CPA to give us good advice on how to navigate through taxes. I hope you will talk with an accountant, too, before you make your final decision so you can get professional advice on how to best handle the taxes while getting your money out.

I am linking an article here from Kiplinger that you might find interesting -- especially the part about the flexibility of the stretch. If you think this article could help, may I suggest that you print it and run it past an accountant.

Kiplinger, in general, is pretty good at synthesizing information into short articles which can be, at least, a starting point. The article could be worth a look and a conversation with the accountant to find out if she thinks you are really going to need to owe as much as $70,000 in income tax.


Inheriting an Annuity? Stretch Its Tax Benefits | Kiplinger

Boomer

The 5 year rule sounds like I keep the SAME annunity and take the $360,000 any time over 5 years. So I could skip a year and not take any? There is no new annunity I need to worry about figuring out?