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L1: 72tNeed to start drawing income on 500K. Laid okk at age 50….I have my annuity Lic. Would you 72t with an annuity 7 yr paying 5.5% first year…3.5 additional years…with a 6% commission.2009-06-10 21:06, By: Tasman, IP: []
L2: 72tI think the insurance agents are coming out of the woodwork. There is aninvestment person (Brinker?) on the weekends who refers to “Shark Attacks”.
I spent 30 years in the insurance business and (my opinion) Isee no reason other than the commission to use an annuity in a SEPP plan.
However, as long as the annual payment (this month) doesn’t exceed $22,215.32 and the payout period is equal to or exceeds 34.2 years, no problem. Why would you want to pay someone 6% of $500,000 ($30,000) to purchase an annuity.
Are you the agent? If yes, do the prohibited transactions rules come into play?2009-06-10 21:35, By: Gfw, IP: []

L3: 72tI would be getting commission as I have the Lic…..Why would I have a prohibited transaction?
Just found your site…very nice…
2009-06-10 21:40, By: Tasman, IP: []

L4: 72tThe following are examples of prohibited transactions with a traditional IRA:

Borrowing money from it.
Selling property to it.
Receiving unreasonable compensation for managing it.
Using it as security for a loan.
Buying property for personal use (present or future) with IRA funds.۝

Would #3 be the issue?2009-06-10 21:46, By: Tasman, IP: []