Annuities
We have three annuities approaching the maximum for being insured ($250,000). We have no reason at this time to annuitize either. Is there a way to reduce each and reinvest into another investment (or annuity) without paying taxes on the money withdrawn? Any suggestions appreciated from a loyal reader………………………………………….
Terry Says
A lot of misconceptions in your question. First, are you aware that annuities are insurance products and NOT federally guaranteed up to any amount? Instead, they are “guaranteed” by state insurance funds, which are typically NOT funded! (And unlike the Federal government, states cannot print the money to fund these guarantees!) And each state sets its own insurance limit. Read this for more information: https://annuityjournal.org/annuities/state-guaranty-association/
As far as your existing annuities, and their terms, lockups, and guarantees, I suggest you contact Stan Haithcock at https://www.stantheannuityman.com/ Schedule a call and have him review your existing annuities. You can trust him completely, and feel free to use my name.
