Finance Questions? Ask a Financial Expert for Answers ASAP
First of all, since you are over 59 1/2, you will not be subjected to 10% penalty. However, annuities, being tax deferred, will be subject to income tax when you withdraw.
If what you have is variable Annuity and if it its rolled over to IRA, no taxes will be there. I am assuming this is an IRA variable annuity. If it is NOT an IRA variable annuity then it cannot go into a traditional IRA. It would then have to be a 1035 exchange, which is not taxable either, and you can choose a low cost provider such as Jefferson National or even Ohio National, Nationwide, Prudential or a variety of other firms.
Also see if you can get any assistance as you may not be able to work in near future.
I hope this helps...
Yes, you can have monthly income from this new investments. For this, you will have to plan your investments. If you intend to receive monthly income from your IRA account, and you do not wish to deplete your capital, you should invest in securities that generate income, such as bonds or stocks that pay dividends. While you can sell other securities to make your withdrawals, you will be diminishing your account value. An income-generating security can remain in the account while you simply withdraw the income.
You may also choose to implement an automatic withdrawal program. Your IRA trustee or custodian will be able to set up a plan that sends you monthly checks out of your IRA, or transfers the funds automatically to your bank (or other) account. You will have to sign an IRA distribution form to initiate the program. Usually, you can set up a program that distributes either the income generated in the account, or a flat, specified sum.
I hope his helps.. Wish you good luck...