No. of Recommendations: 1
Any financial legal eagles here?

Not me, but I hope you don't mind me interjecting anyway! <gggg>

Inquiry to the plan administrator revealed this would purchase a lifetime annuity of $325.00 per month should she decide to retire now.

First question I would ask is: "Does she have to accept an annuity or can she just take the cash and roll it over into a self-directed IRA?"

Second question: "If she is able to take the cash, how much would that be again?" (I like to do reality checks from time to time).

Third question: "If we want to roll it over, when is the soonest we could do it?"

Fourth question: "Are there any restrictions to doing so or any costs related to doing so?"

Problem is, we do not trust the bank.

That's a powerful feeling you expressed there. If I felt that way, I would take the money and roll it over. I'm not sure of the advisability of an annuity vs other potential options, but if you did decide on an annuity, you could buy your own through the IRA.

Anyhow, that's my two cents, and worth almost every bit of it! <ggg>

PosFCF
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement