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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
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Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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I retired from teaching in July 2013 with a 403(b) TDA worth

Resolved Question:

I retired from teaching in July 2013 with a 403(b) TDA worth about $120,000. I also just updated to increase the profits while I receive a pension. I am age 57. I have a simple question: How will the money in my tax-deferred annuity help me in the future in lay- man's terms? I have no beneficiaries so will the money be useful to ME besides staring at quarterly statements? I won't be able to sleep until I have some answer to this question. Thanks.
Submitted: 9 months ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 9 months ago.
Thank you for your question. Please permit me to assist you with your concerns. I also happen to have specialized in annuities prior to law and was a registered representative with the NASD (now FINRA) for fortune 100 companies.

Annuities are somewhat specific investment vehicles. Ideally, what do you want to use the funds for--do you want to keep them for retirement, invest them into something else, or utilize them for structured payments? please advise!
Customer: replied 9 months ago.

I am hoping not to touch those annuity profits unless I have a financial emergency that requires me to withdraw some. I was advised that I would pay big bucks if I withdraw from my annuity. The outlook for this annuity looks very positive. Can I ever withdraw some funds to by a car in cash, for example, or take out a new car loan? Thanks.

Expert:  Dimitry K., Esq. replied 9 months ago.

Mark,

 

Once you turn 59 1/2, the funds from your annuity are able to be removed without any penalty to the IRS. You may still need to pay tax on any qualified funds that come out from your annuity, and you might have early surrender or withdrawal charges from the company (that should be described and defined in your prospectus). Typically companies permit you to withdraw all of your growth from your principal and a set percentage without penalty unless the funds have been in the account long enough that no surrender charges exist. Also if you ever annuitize the annuity and turn it into a periodic payment generator, there would be nothing to withdraw from that account if that ever takes place.

 

 

Hope that helps, and if you have any other questions, I would be happy to clarify further.

Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 37476
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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