My husband is 61 working full time with a great company that takes care of their people. He is drawing a pension fund while working.
We max out his retirement inclusions.I work full time in health care with shrinking amounts contributed by the hospital. Raises are smaller. I also contribute max to retirement and carry our insurances. Suggestions on handling our program to max our money. FYI my husband is 6 1 and I will be 60 soon.
Hi Terri, thanks for your question. You said your husband is drawing a pension fund while working. Why is not letting that defer? If he is required to begin pulling from it, I would recommend taking a lump sum payment and rolling that into a low cost FIA that will produce income in the future. Usually includes an upfront signing bonus of 4%-7%, and when the income is triggered, it's guaranteed for life. | 03.16.15 @ 14:30
Since you both are just around 60, and he is still working, my first question is do you need the money now? If not,, maybe roll it over into a self-directed ROTH. Yes you will pay taxes now and after 5 yrs you can withdraw as much as you want with not additional taxes. As an Investment Manager, we can generally customize a strategy that replaces the $$ you give up in taxes within that 5 yr term. So, the compounding of those dollars gets even better going forward. Unlike an Annuity, we may be able to put you in a strategy with no fee unless you get your MARR Minimum Acceptable Rate of Return. This puts more $$ in your Owner's Equity pocket.
Also, there are some Income only Annuities with over a 6% rate and no reductions due to contribution rate, points, caps, or spreads. You can add those fees if you want to.
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| 04.06.16 @ 16:13