pellizzeri
Confused about dryer sheets
- Joined
- Feb 28, 2009
- Messages
- 7
I'm happy to find myself among like-minded souls. Thanks in advance for whatever advice you may offer.
I live in Southern California, am married with grown children. and am turning 55 on March 8th, 2009. My husband will be 52 in May. I have a tax question about rolling my pension (not my 401k), into a single immediate 5-yr annuity. This is the first piece of my retirement strategy and I want to avoid paying the 20% federal withholding for personal withdrawals and the 10% tax for under 59-1/2. Will rolling this money directly into an immediate annuity do that? Do I have to roll the money into an IRA first and then purchase the annuity or should I be able to roll it directly into an immediate annuity without either of those taxes applying? Thanks to anyone and everyone who takes the time to reply.
I live in Southern California, am married with grown children. and am turning 55 on March 8th, 2009. My husband will be 52 in May. I have a tax question about rolling my pension (not my 401k), into a single immediate 5-yr annuity. This is the first piece of my retirement strategy and I want to avoid paying the 20% federal withholding for personal withdrawals and the 10% tax for under 59-1/2. Will rolling this money directly into an immediate annuity do that? Do I have to roll the money into an IRA first and then purchase the annuity or should I be able to roll it directly into an immediate annuity without either of those taxes applying? Thanks to anyone and everyone who takes the time to reply.