Annuity Retirement
What should I do with the annuity part of my indiana teacher’s retirement fund?
I can leave the money in the Indiana State Teacher’s retirement fund and draw at a higher interest rate. However, when both my wife and I die, no one will get the money. I could transfer the money to an IRA or something similar for a lower interest rate. When we die, our beneficiaries will be able to receive the money. What have others done in this situation?
It seems fair either way.
You could transfer it to a lower interest paying IRA, but you would have less money to live on each month, but even worse, you could run out of money before you die. Perhaps each of your proposed beneficiaries would be willing to sign a contract that they will each give you, say $200 a month, to help support you should this occur (fat chance!). If you die young, your beneficiaries would get some money.
If you keep the annuity, you’ll have more money each month and it will never run out.
Which should you chose? I like risk avoidance, so I’d go for the annuity. Your heirs will think of you for what good you did in life not for how much money your demise brought them. [ There have been numerous question within Yahoo Answers about how quickly beneficiaries can get "their" money. I've never seen even the slightest thought given about the deceased. ]
Another factor is your life expectancy. The annuity is figured that you will each have a normal life expectancy. If you have a family history of long life and are both in great shape then take the annuity for sure. If your family or you has a history of illnesses that tend to shorten your life below normal then transfer the finds to an IRA and enjoy it while you can.
Retirement Planning – Module 1 of 3 (Annuity Model).avi
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