:Currently i have a 401k with my place of work, but i was also told about fixed annuities as a good investment? I was wondering if this was the case? a good friend of mine adv me of starting a fixed annuitie, opening it with a couple grand and contributing a few hundred dollars into it per month for about 10 years or so……. good idea? any GOOD investments out there?
Posts Tagged ‘ideas’
Ideas for IRA and 401k Monies?
27
Mar
Hi. I’m planning for the future.
I calculated I’ll have about $420,000 in my traditional IRA & about $341,000 in my 401k at age 69, which is when I plan to begin withdrawing these monies to supplement my income.
Should I just use the RMD formula to draw them down and pay the prevailing income taxes on my total income (these 2 plus my pension and taxable mutual funds)?
OR
Should I withdraw over, say, 5 years these monies, and move them into my taxable mutual fund account? (I know I’ll have to pay taxes on withdrawals from the IRA & 401k.)
I’m not interested in annuities. I prefer to have an income stream via some dividends and/or some capital gains via mutual funds.
I’m just trying to generate ideas for my future plans and these are two ideas I thought of after a few days thought. Do you have any ideas and websites I should consider for my plan?
Thanks.
Thanks Wall, I appreciate the idea. Just so I understand this tactic, what’s the benefit of moving my 401k funds into my IRA? Consolidation? Ease of management? Other financial reason? Please advise. Thanks!
Lawyer says I am beneficiary of annuity. Won’t tell which Ins. Co. Wants a 20% cut. Any ideas?
11
Mar
My friend had no living relatives. Atty calls & offers to file claim on my behalf. Sounds suspicious, should a beneficiary have to pay to receive the proceeds?