I have a question concerning an immediate annuity. A 56/57 year old ER's and buys an immediate annuity using IRA money. This is for current income. It's understood that taxes will be due on the payout quarterly. Due to their age being under 59.5, will he also have to pay a 10% penalty?
I recently reached the 1.5mm mark, and am planning on pulling the trigger early next year. My FA suggests taking 30% of the 1.5mm and buying an immediate annuity to cover the basic costs of living.
Your thoughts/opinions are appreciated.
I recently reached the 1.5mm mark, and am planning on pulling the trigger early next year. My FA suggests taking 30% of the 1.5mm and buying an immediate annuity to cover the basic costs of living.
Your thoughts/opinions are appreciated.