I expect to retire in 1-3 years. *If* I decide I want a fixed annuity as part of my retirement plan, can it be bought within an IRA?
I have no idea, yet, how much income I would want from an annuity and therefore can't even guess at the cost.
But I presume the cost would be substantial - to the point where I'd have to pull substantial money out of my rollover IRA's to pay that premium...and pay big taxes on that lump sum withdrawal.
On the other hand, if I could buy it within an IRA then just the payments would be taxable.
So, back to my question- can I buy an annuity within an IRA?
Glenn
I have no idea, yet, how much income I would want from an annuity and therefore can't even guess at the cost.
But I presume the cost would be substantial - to the point where I'd have to pull substantial money out of my rollover IRA's to pay that premium...and pay big taxes on that lump sum withdrawal.
On the other hand, if I could buy it within an IRA then just the payments would be taxable.
So, back to my question- can I buy an annuity within an IRA?
Glenn