I transferred my old Vanguard variable annuity from Transamerica to the Fidelity Personal Retirement Annuity a few months after Vanguard got out of the administration the variable annuity. Transamerica was having a tough time with the administration during the first 6-12 months & I was going to empty the variable annuity over a 3-5 year period anyway, up to the top of my current tax bracket. Doing a 10 year “term certain” distribution wouldn’t let me manage my tax bracket income as closely as I wanted.
The transfer to Fidelity was smooth & I would take enough money out of the Fidelity annuity to keep me at the top of my tax bracket & since the last $12k was the original annuity contribution, there was no income tax on the original contribution amount.
I had the Fidelity Personal Retirement Annuity in an intermediate bond fund because I knew that I would empty the variable annuity over a 3-5 year period.
I don’t know why the Fidelity rep told you that you had to take a lifetime distribution.
bill
The transfer to Fidelity was smooth & I would take enough money out of the Fidelity annuity to keep me at the top of my tax bracket & since the last $12k was the original annuity contribution, there was no income tax on the original contribution amount.
I had the Fidelity Personal Retirement Annuity in an intermediate bond fund because I knew that I would empty the variable annuity over a 3-5 year period.
I don’t know why the Fidelity rep told you that you had to take a lifetime distribution.
bill
Statistics: Posted by billfromct — Fri May 24, 2024 1:31 am
