72 years old already take money out of annuity do i need to take money out of va
have a annuity with american eguity also have a ira with van gaurd looking to pay off car that has no percent int. from ford wondering if i should start with van gaurd . also paying on a house i bought in may 2022 sorry to say divorced and x has nothing to do with any of this. so i was thinking of bringing down van gaurd what is your advice
Terry Says
It’s difficult to answer without knowing the actual investments you hold, the terms of the annuity and the tax consequences, for example.
If you withdraw from the IRA, the money will all be taxed as ordinary income. It could move you into both a higher tax bracket –and impact the amount you pay for Medicare Part B, depending on how much you withdraw (how much additional income you have on your tax return). So check with your accountant.
And to get an understanding of how any withdrawals from this annuity would be taxed, gather up all your paperwork re the annuity, and set up an appontment at:
Stan The Annuity Man® | Brutally Honest Facts About Annuities
