Ask Terry Questions Retiring soon with $110 k in a variable annuity.

Retiring soon with $110 k in a variable annuity.

By Terry Savage on April 19, 2022 | Insurance & Annuities

Best way to withdraw in current economic climate?

Terry Says

That depends on the terms of your annuity. Your “investment” account may show a high balance, but your “withdrawal account” is where the money will come from. And the insurance company gets to set those terms! That comes as a big surprise to many people.
You don’t want to “annuitize” — and be stuck with a fixed monthly/yearly check. So you need to explore your options first.
And remember it will be taxed, and impact other things potentially such as your Medicare Part B premiums.
So this a complex situation that needs to be understood in conjunction with your other retirement income.

Can you find the salesman that sold it to you? If not contact the insurer and ask about your withdrawal options.

money

ASK TERRY

a personal
finance question