Ask Terry Questions 2019 cash strategy for maturing annuity

2019 cash strategy for maturing annuity

By Terry Savage on December 07, 2018 | Investments

Hi Terry, I have two annuities maturing for a total of $170,000. I’m 69 and single. I have another $20,000 income from self employment. These are my only assets. With the unstable market and wanting some or all of the assets somewhat liquid, where would you advise me to park my cash or invest? Thanks very much for your help.

Terry Says

Wait a minute — what do you mean by “maturing”?   If you withdraw money from a tax-deferred annuity you will owe income taxes on all the accumulated income.  There are certainly very safe and conservative ways to “roll-over” this “maturing annuity” into another product that could provide income for life.    But don’t just run around asking insurance agents to help you do that!  You could wind up paying for a very expensive, and restrictive, policy!

Instead, I woudl suggest you contact my very long-time annuity expert, Jeffrey Oster.  His email is Jeffrey.Oster@raymondjames.com.   Or call him at 888-655-1035.    Feel free to use my name, or not.  I get nothing out of this but the peace of mind knowing that you will be treated honestly and fairly.  When you contact him you should have your latest annuity statement in hand, so he knows exactly what you have.

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