I am sad you have to deal with this and it’s unfortunately not uncommon for annuity sales representatives to misrepresent the annuity. As for what to do next, you should determine if it would be better to continue the annuity or give up the money you have already put into it and instead invest using a different strategy. Even though the annuity is a bad investment…
Read MoreGood news, there is a way to accomplish your goal. Sort of bad news, using rule 72(t) won't help and yes, withdrawals from an IRA will impact ACA tax credit eligibility. Although the strategy you've outlined won't work, you can accomplish the same goal through converting a portion of the traditional IRA to a ROTH IRA. This is done by rolling over . . . .
Read MoreCongratulations on getting your son through college and on moving forward toward your retirement. You definitely need to hit the gas on your retirement savings and it seems like you are well poised to do this. Fortunately, the money which was dedicated toward your son's college can now be focused on your retirement.
At this stage you will want to invest . . . .
Read MoreI am sad you are having to deal with this. The annuity representative should have explained this to you and made sure you understood what you were buying. The contract/prospectus for annuities are very long and very . . . .
Read MoreDespite what you might hear, there are some very good ‘pros’ in favor of annuities. But, there are also a lot of very big ‘cons’ with buying an annuity. Annuities provide a fixed income until you die, which is very attractive for retirees. With a fixed annuity, the fact the insurance company is taking. . . .
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