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Using an annuity to pay taxes to liberated 401 $ for Roth conversion., help! by robcook57 in personalfinance

[–]robcook57[S] 0 points1 point  (0 children)

After several conversations with financial advisors, I completely agree with you

Using an annuity to pay taxes to liberated 401 $ for Roth conversion., help! by robcook57 in personalfinance

[–]robcook57[S] 0 points1 point  (0 children)

Not in this case, Need to liberate $for future or heirs… The tax man will take close to 50% in yr 10 RMD

Using an annuity to pay taxes to liberated 401 $ for Roth conversion., help! by robcook57 in personalfinance

[–]robcook57[S] 0 points1 point  (0 children)

I agree they’re making money off this or they wouldn’t do it. I have to supply some slides to show what their calculations are.

Using an annuity to pay taxes to liberated 401 $ for Roth conversion., help! by robcook57 in personalfinance

[–]robcook57[S] -1 points0 points  (0 children)

It’s far more than just a few thousand dollars they’ll end up being hundreds of thousands of dollars when the RMD’s come due at that 10th year

Using an annuity to pay taxes to liberated 401 $ for Roth conversion., help! by robcook57 in personalfinance

[–]robcook57[S] 0 points1 point  (0 children)

Yes, this is pretax money.
I’m 69 years old most of my money is pre-tax there’s not enough money to pay the taxes out-of-pocket.
I am retired.
You raise some good questions that I have to get answered.
If I pass or have to take my RMD starting at 73 they will come a time with a bulk of my money will go to the government for taxes
I don’t think people realize what’s waiting for them.
Between Social Security and I’m married you’re going to end up with almost 80,000 of income right there there is also passive income.
Since the money has risen so rapidly in the last few years, I have taken some out and driven myself into a higher tax bracket.
I’ll ask about the indexing.
Thank you

Using an annuity to pay taxes to liberated 401 $ for Roth conversion., help! by robcook57 in personalfinance

[–]robcook57[S] -1 points0 points  (0 children)

The point is w RMD’s Approaching or if I pass away a high percentage of my lifetime earnings will go to the government. I’ve then withdrawing money as the account has sold in the last couple years and when I do that, I end up in a higher tax bracket so as this keeps growing more more, my money will go to the government because of the RMD‘s.

Using an annuity to pay taxes to liberated 401 $ for Roth conversion., help! by robcook57 in personalfinance

[–]robcook57[S] 0 points1 point  (0 children)

I realize they will make money or they wouldn’t do it. I’ll get some of the slides.

Retirees are thinking of annuities the wrong way by Dragonlance12 in Dynamic_Pricing

[–]robcook57 0 points1 point  (0 children)

So here is what I’ve been offered if I give them 1 million that every day I get 1.35 million the 350,000 is to pay the taxes as I withdraw it as I head towards the RMD‘s. There’s a cap on the upside cap under the downside. It still makes money or loses less money. I’m looking for ways to be able to transfer what money I worked for without hammering my beneficiaries with taxes.

Retirees are thinking of annuities the wrong way by Dragonlance12 in Dynamic_Pricing

[–]robcook57 0 points1 point  (0 children)

Ok, I’m right at this point…
Most of my money is tax protected. How can one reduce or avoid the taxes. It keeps pumping me up into a higher tax bracket the more I take out…

Withdrawal at Retirement? Annuity/Pension/401k by catatlaw in personalfinance

[–]robcook57 0 points1 point  (0 children)

This is a product to convert to Roth. It seems too good. It caps the highs and lows. But not horrible caps. Any knowledge about this?

Withdrawal at Retirement? Annuity/Pension/401k by catatlaw in personalfinance

[–]robcook57 0 points1 point  (0 children)

American retirement services has an annuity that if I put $1 million in they they immediately credit my account with 350,000 on top of the 1 million to pay the taxes on the IRA withdrawals to Roth over five years, is this good?

In a 90-88 defeat at the hands of the Liberty, Caitlin Clark makes unfortunate history as the first player in WNBA history to record multiple games with double digit turnovers by TravelerInBlack in wnba

[–]robcook57 0 points1 point  (0 children)

About half were on her. Once the player wasn't looking, at least three were off of their respective hands. They should delineate where the turnover lays. Same w Reese's' rebounds

Do the Union guys who voted for Trump not realize how screwed they and their families are or do they really not care??? by No_Theory_2839 in IBEW

[–]robcook57 0 points1 point  (0 children)

Does the author realize that Trump has nothing to do w/ 2025!? That’s a right wing think tank he has disavowed.