Should I Get Another Annuity?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 12 November 2019
⏱️ 8 minutes
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Summary
You have an annuity that's coming due and you're not quite sure what to do with it. Should you get another annuity? Should you roll it over into an IRA? That's the discussion with Mark from Buffalo as we discuss some of the pros and cons.
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Transcript
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| 0:00.0 | Welcome to the Jill on Money Call the Week. We are presented by Marcus by Goldman Sachs. |
| 0:09.1 | This is your opportunity to tap into our brains and I say our because Mark and I collaborate and |
| 0:16.1 | we try to think these things through. If you've got a financial question all you |
| 0:21.0 | have to do is send an email. Ask Jill |
| 0:23.0 | on Money.com. Ask Jill at Jill on Money.com. That is what Paul did. He is on |
| 0:30.0 | the line from Buffalo. Hello Paul, how can I help you out? |
| 0:34.4 | Jill, thank you for taking my call. |
| 0:35.7 | I appreciate it. |
| 0:36.7 | Sure. |
| 0:37.7 | I've got a question for you. |
| 0:38.3 | I've got an annuity that's coming due right now. |
| 0:41.9 | It's a value is $30,000 and you know I've got some |
| 0:45.8 | options with it. I can it's in an IRA. I can take that money and put it into |
| 0:50.0 | my brokers account inside the IRA and hold that forward. I can leave it in the current |
| 0:54.9 | annuity and just keep rolling forward, okay? Or I can go to a new annuity. There's some |
| 1:01.1 | annuities are available in New York State, that's why I live. |
| 1:04.5 | And here's some of the pros and cons of the new annuity. |
| 1:08.2 | It has a 7% guarantee per year. |
| 1:10.9 | If the market doesn't perform more than 7% I get 7% so that's good. |
| 1:15.4 | And there's a 12 year double a guarantee you know the drawback is it has a 10 |
| 1:21.0 | year surrender fee so I get back into that deal and that's the way it works |
| 1:24.3 | when it's signing new annuity. |
... |
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