I heard your comments on this on WGN. My husband passed away a year ago. I had all of his IRAs put into my account. I am 76 and have been taking RMDs. I have plenty of money on paper, receive 3 small pensions from teaching, and of course , receive social security each month. Do these annuities have to be from an IRA or can they be purchased by someone in my position. I still have some insurance money left from my husband's policies which isn't earning anything at this point. I have been talking with a fiduciary IRA specialist about some insurance to cover taxes when my daughters inherit the IRAs and brokerage acct. It has something in it for healthcare if I need it.
I’m not sure who this “fiduciary” is — but someth9ing doesn’t sound quite right. Let me work backward from your questions. When your daughters inherit the IRAs, there will be no taxes due (unless your total estate including the IRAs and your home and other assets exceeds about $5.4 million). If that is the case, then I want to make sure you are dealing with an estate planning attorney. Your estate would have to pay taxes on amounts above that level. But your daughters, whom I assume are written as beneficiaries to your IRA, won’t owe taxes! They should be instructed to simply roll your IRA into their own inherited IRA (as you did for your spouse) and let the money keep growing for their retirement.
(And if your “fiduciary IRA specialist” didn’t tell you the above then stop talking to him/her immediately!)
And I don’t know what “something in it for healthcare” means. But I do suggest that you might want to put some money into a “combo” life and long term care insurance policy. Check the article I wrote on that subject two weeks ago at my website www.TerrySavage.com. Then call Brian Gordon at MAGA LTC for advice you can trust — 800-533-6242.
But all that is completely separate from an annuity. If you have enough money to live on, there is absolutely no reason to tie your money up in an annuity. Send me an email at Terry@TerrySavage.com and I will point you to someone you can trust for a complete financial plan.