Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Author: broddus Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19380  
Subject: Tiaa withdrawal and ownership change Date: 1/5/2001 8:54 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I am wondering should I try and take these funds from my retirement annuities, where I can not change the ownership of the annuity to my children, and buy annuities where I can change the ownership if I desire to do so. I am not talking about the beneficiary, but ownership of the policy.

I have a Tiaa 403(b) retirement plan which I haven't started to take distributions on yet. It amounts to roughly $650,000. 1/3 of this is in Tiaa Guaranteed Income account having 10 years ( 10 equal payments) as the shortest period of withdrawl. The remaining portion ( in Cref equities) is available to me immediately. This is all the retirement income I will have.


I am 65years old ,retired for 3 years, and married. My wife ( a year younger also retired for 3years) and I are living on our social security and her pension. We seem to manage and if need

During the past 3 years I have become keenly aware of the importance of trying to take some action while you can to preserve as much of your assets for your heirs, and not give it all to nursing homes.
My mother is in a nursing home and much of what she and my father worked for and saved went to them.
She was able to divert a portion of her estate to us by changing the ownership of an annuity some 3 years prior on the advice of her agent.

These funds have done ok by me over the years. I think at this time I should get these funds where I can earn yet have the option to designate ownership.
I would appreciate any advice and comments regarding the above action , the tax consequence, comments and /or suggestions.


Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post Back To Top
Author: rjm1 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 5993 of 19380
Subject: Re: Tiaa withdrawal and ownership change Date: 1/6/2001 1:40 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
These funds have done ok by me over the years. I think at this time I should get these funds where I can earn yet have
the option to designate ownership.
I would appreciate any advice and comments regarding the above action , the tax consequence, comments and /or
suggestions.


I understand your position and likewise I do not want to spend my last cent on nursing homes. However, if you do not pay, then I have too as care is not free. I do not think that is fair. If think we should all do the best we can and if we still need help then the charity of others will have to be depended on.

Print the post Back To Top
Author: sonny36 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 6008 of 19380
Subject: Re: Tiaa withdrawal and ownership change Date: 1/10/2001 6:42 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
It seems that you are financially set for retirement, but not for a long term health problem. We are never assured that we will not need long term care. You should purchase long term care insurance for you and your spouse to protect your assets. You can pay for the insurance for many years and still be ahead of the game when you need to go to a nursing home for care. Buying long term care insurance is the responsible thing to do instead of finding ways to have someone else pay for your long term care. You didn't indicate your ages, but should be able to purchase insurance unless you have many health problems.

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Advertisement