R.I.G.P.[Ret. Income Guarantee Plan]

[barney]

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!
Thanks
barney

[brewer12345]

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."

[Nords]

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?

[Peaceful_Warrior]

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!

[Leonidas]

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.

[Alex]

Sounds like an immediate annuity.....

[73ss454]

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