Easy question from this financial-wisdom impaired senile simpleton...
DW's mom left her an $8000 annuity back in 1980. Over the years, it has grown to $61K annuity value, and a $52K surrender value. Minimum interest rate 4%.
Here's where we stand:
Currently pay no Federal or State taxes
Don't need the money now
Was told that to take it out as an annuity, it had to be over a minimum 10 yr. period... small amounts, not needed
We/she probably won't live that long
Current thinking is to let it lie there and use other assets first, and save this for any estate or an emergency.
I don't think we could take the surrender value out in increments ie. $10 or $15K/yr. , but would need to take it all at once, according to the financial institution that holds the $$$.
Any thoughts?
DW's mom left her an $8000 annuity back in 1980. Over the years, it has grown to $61K annuity value, and a $52K surrender value. Minimum interest rate 4%.
Here's where we stand:
Currently pay no Federal or State taxes
Don't need the money now
Was told that to take it out as an annuity, it had to be over a minimum 10 yr. period... small amounts, not needed
We/she probably won't live that long
Current thinking is to let it lie there and use other assets first, and save this for any estate or an emergency.
I don't think we could take the surrender value out in increments ie. $10 or $15K/yr. , but would need to take it all at once, according to the financial institution that holds the $$$.
Any thoughts?