401K rollover

L1: 401K rolloverI was forced to retire at 55 1/2 yeras of age. I rolled my 401K into a Lifetime Annunity. I was not going to withdraw from this account for a few years, but “inadvertently” the agent in charge of this account set it up and I started to receive payments 4 months later, which I didn”t want. At that time, I was told that once the payments started, they can”t be stopped. I will now be 61 Years old soon. I am withdrawing approximatley 5% per year. Since I will have been withdrawing for 5 years, can I roll this annunity into another companys annunity without being penalized 10%?2007-02-27 15:54, By: JMG, IP: [69.72.108.210]
L2: 401K rollover>>but “inadvertently” the agent in charge Probably nothing inadvertent about it – by definition, an immediate annuitywhich is what I can only assume that you bought must start payments with the first 12 months by its very definition.
>>I am withdrawing approximate 5% per yearWhat you are most probably withdrawing is an income payable over your lifetime – really has nothing to do with interest rates. It will probably stay level if rates go to 2%, or rise to 20%.
>>can I roll this annuity into another company annuityYour best start by reading the annuity contract that you purchased. Most of these contracts have no cash value to move – you in effect traded the cash value for a monthly income.
I hope that I”m wrong, but based on you question, I doubt if I am. Start by contacting the insurance company that issued the annuity to find out your options.
2007-02-27 16:12, By: Gfw, IP: [24.148.85.129]