Annuity
Hi Terry,
My husband passed away on April 30, 2026. He has an annuity in his name and was getting an income of 1048.00 monthly. The annuity Co. is saying that he will now be getting 798.00 for only 7 years . I am in the process of filling out the papers to put the Annuity in my name. My financial advisor suggest to take the funds & out of the annuity & put it in the market.but cannot guarantee the same income we were getting. Can u suggest what would be the best choice . The balance is approximately 94,000.00.
Terry Says
Whoa — and I assume your financial advisor is a commissioned stockbroker?
For annuity advice (and it all depends on the specific terms of this annuity) I recommend you contact Stan Haithcock at https://www.stantheannuityman.com/
Go to the website and book a call. Have all your documents in front of you. I trust him 100% to give you the correct advice and review what you are getting now, and if it is accurate. Feel free to use my name, or not, as I get nothing out of this recommendation but the knowledge that you will get good, unbiased advice re the annuity.
As to what to “do” with this money, first you need to confirm that the new payout amount is correct. They will do that. It all depends on the terms of the annuity. Second, I’m not sure what you mean by “putting it in your name” — but if you are a survivor on a second to die annuity, you want to make sure that is done correctly. Stan and his people can help with that.
They can also let you know if a cash payout is available, how much you could get — and what portion might be taxable. And remember, if the taxable amount is substantial, it could increase your Medicare Part B and D premiums! So there’s a lot to consider.
Finally, do NOT put this money in the stock market if you decide totake the cash vs lifetime income. You don’t want to expose ANY of this money to risk. If you do decide to take the cash, put it in a bank money market deposit account earning at least 3% and be glad you have it safe and secure.
