Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
can you suspend an annuity payment?
Old 09-25-2018, 03:58 PM   #1
Full time employment: Posting here.
 
Join Date: Jan 2010
Location: dubuque
Posts: 673
can you suspend an annuity payment?

I have an annuity that is paying me monthly. In my current situation I do not need the money and it is adding to my tax burden. Is it possible to suspend the payments until I need them or will there be repercussions of some type? will the interest and payments stay the same when I resume? anyone know?
__________________

frank is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-25-2018, 04:02 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 19,924
Not typically to my knowledge... but it wouldn't hurt to call the insurer and ask if the contract can be restructured.
__________________

__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...60/35/5 AA
pb4uski is online now   Reply With Quote
Old 09-26-2018, 05:56 AM   #3
Full time employment: Posting here.
 
Join Date: Jan 2010
Location: dubuque
Posts: 673
thanks.
frank is offline   Reply With Quote
Old 09-26-2018, 07:22 AM   #4
Dryer sheet wannabe
 
Join Date: Jan 2014
Location: Voorheesville, NY
Posts: 18
Put it in an IRA?
jpeter1093 is offline   Reply With Quote
Old 09-26-2018, 08:21 AM   #5
Recycles dryer sheets
 
Join Date: Jun 2010
Location: Southwest Florida
Posts: 362
Quote:
Originally Posted by jpeter1093 View Post
Put it in an IRA?


How can you do that?
Gill
Gill is offline   Reply With Quote
Old 09-28-2018, 07:48 PM   #6
Full time employment: Posting here.
friar1610's Avatar
 
Join Date: Jun 2002
Posts: 953
Quote:
Originally Posted by Gill View Post
How can you do that?
Gill
Pretty sure you can't if it's already been annuitized. And if it hasn't been annuitized only if it's from a "qualified" plan that is also an annuity (like some of the TIAA plans).
__________________
friar1610
friar1610 is offline   Reply With Quote
Old 09-28-2018, 07:52 PM   #7
Recycles dryer sheets
 
Join Date: Jun 2010
Location: Southwest Florida
Posts: 362
Quote:
Originally Posted by friar1610 View Post
Pretty sure you can't if it's already been annuitized. And if it hasn't been annuitized only if it's from a "qualified" plan that is also an annuity (like some of the TIAA plans).
Thatís what I was saying, i.e., you canít.
Gill
Gill is offline   Reply With Quote
Old 09-28-2018, 07:53 PM   #8
Dryer sheet wannabe
 
Join Date: Jan 2014
Location: Voorheesville, NY
Posts: 18
I was thinking could you put the payments in an IRA to neutralize the tax situation?
jpeter1093 is offline   Reply With Quote
Old 09-28-2018, 07:56 PM   #9
Thinks s/he gets paid by the post
target2019's Avatar
 
Join Date: Dec 2008
Posts: 4,360
Once you take lifetime stream, can't undo. The taxable portion is evenly distributed.

We're currently looking at three inherited annuities, that were not annuitized.

After two calls to this well-known company, we still need to follow up with more calls, to find someone who actually knows all options. These three are rather smallish, and add up to 75K. So we're thinking it is better to settle 1 each year for next three years.

Only a qualified annuity (pre-tax dollars used to purchase) can rollover to an IRA.
target2019 is online now   Reply With Quote
Old 09-28-2018, 07:59 PM   #10
Thinks s/he gets paid by the post
target2019's Avatar
 
Join Date: Dec 2008
Posts: 4,360
Quote:
Originally Posted by jpeter1093 View Post
I was thinking could you put the payments in an IRA to neutralize the tax situation?
If you have earned income and are under income limitations, you can contribute to IRA.

You pay taxes on the taxable portion of the annuity.

These are not related concepts.
target2019 is online now   Reply With Quote
Old 09-28-2018, 08:41 PM   #11
Full time employment: Posting here.
friar1610's Avatar
 
Join Date: Jun 2002
Posts: 953
Quote:
Originally Posted by Gill View Post
Thatís what I was saying, i.e., you canít.
Gill
Too subtle for me.
__________________

__________________
friar1610
friar1610 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
I signed up for file-and-suspend, but they didn't suspend Ed_The_Gypsy FIRE and Money 25 01-03-2014 02:15 PM
What about a single payment annuity for my wife? 67walkon FIRE and Money 21 12-04-2011 11:33 AM
My 401K turns out to be a Flexible Payment Variable Annuity Account A Dreamer FIRE and Money 8 05-21-2011 06:45 PM
Did you know you can suspend your local telephone service? dex Life after FIRE 6 12-13-2007 07:15 AM
4% Graded Payment in Annuity as Fixed Income Portion Running_Man FIRE and Money 4 09-05-2007 05:09 AM

» Quick Links

 
All times are GMT -6. The time now is 12:48 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.