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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>

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