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R.I.G.P.[Ret. Income Guarantee Plan]
Old 02-04-2007, 11:30 AM   #1
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R.I.G.P.[Ret. Income Guarantee Plan]

Hi. my nane is barrney and I need out. 35yrs is long enough. Has anyone heard of a R.I.G.P. Retirement Income Garantee Plan? I will be taking it in a lump sum and rolling over 80% of it but would like to pay off small mortage and have a few bucks to fool with. What's my tax exposure as I am 55. Any info would be grate!
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barney
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Re: R.I.G.P.[Ret. Income Guarantee Plan]
Old 02-04-2007, 11:39 AM   #2
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Re: R.I.G.P.[Ret. Income Guarantee Plan]

Never heard of it. Can you give us the gist of it? I am always suspicious of anything marketed with initials or the word "guaranteed."
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Re: R.I.G.P.[Ret. Income Guarantee Plan]
Old 02-04-2007, 11:39 AM   #3
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Re: R.I.G.P.[Ret. Income Guarantee Plan]

Welcome to the board, Barney.

I've never heard of a R. I. G. P. Could you tell us more about it or give us a link to a website?
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Re: R.I.G.P.[Ret. Income Guarantee Plan]
Old 02-04-2007, 11:47 AM   #4
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Re: R.I.G.P.[Ret. Income Guarantee Plan]

Also a quick comment -- generally speaking, it may be against your best interests to pay off your mortgage if you have the option to invest the money instead.

Just do the math with a spreadsheet, and you'll see that your money goes a lot further and you have more total assets if you don't pay off your mortgage and invest the money instead.

As for the rest of your post, sorry don't know!
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Re: R.I.G.P.[Ret. Income Guarantee Plan]
Old 02-04-2007, 12:25 PM   #5
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Re: R.I.G.P.[Ret. Income Guarantee Plan]

Never heard of the Retirement Income Guarantee Plan, but Google returns nothing but page after page of hits on a Xerox retirement program by that name. Without clicking on any of the links I can see it all involves ERISA takeover, lawsuits galore, etc.
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Re: R.I.G.P.[Ret. Income Guarantee Plan]
Old 02-04-2007, 12:31 PM   #6
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Re: R.I.G.P.[Ret. Income Guarantee Plan]

Sounds like an immediate annuity.....
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Re: R.I.G.P.[Ret. Income Guarantee Plan]
Old 02-04-2007, 08:44 PM   #7
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Re: R.I.G.P.[Ret. Income Guarantee Plan]

If it looks like and annuity and smells like an annuity it must be an annuity.
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