Can I have 3 separate annuities, but SEPP from only 1?
L1: Can I have 3 separate annuities, but SEPP from only 1?I’m 51, I have one VA ($50,000), and am getting $400,000 rollover from pension. I plan to split this new money into two new annuities ($100,000 and $300,000), and take the money from the old VA and one of the new VAs ($19,000 total). Must these accounts be all in one custodian to do this? Or can I simply document the balances of each account on the same day (maybe June 30) and base the SEPP on that amount? Then file a 5329?
The purpose is to allow the larger annuity time to compound, which gives me a larger income at age 60.
Can you think of any problem with this? Thank you very much.2009-05-28 16:31, By: dmorganoh, IP: [126.96.36.199]
L2: Can I have 3 separate annuities, but SEPP from only 1?See other thread. I have responded there, instead of starting a new one.
Bottom line, you COULD do it, but everything would have to come together, and there are too many unexpected pitfalls to make risking it a wise decision. See other post you started.2009-05-28 21:02, By: Alan S., IP: [188.8.131.52]