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Starting new SEPP on Fidelity deferred annuity

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Last Updated On
ByEli

L1: Starting new SEPP on Fidelity deferred annuity
I’m retired and living off my pension. I’d like to draw down my $650K deferred annuity (am assuming this is a 403?) — something I purchased myself with savings while I was still working. DOB April 1965. Have read the tax rules on exemptions (72(t)(1) and (2)) and done a quick calculation using the annuitized method of SEPP to get approximately $35K annually without the 10% penalty (as I am only 53 now). Will start this at my half bday, so maybe Oct/Nov 2018. Will do this until I am 60 then change it. Where am I offbase with my thinking? THX!
2018-05-15 17:10, By: Eli, IP: [2601:2c4:c880:1a8c:1013:761a:6cea:67fe]

L2: Starting new SEPP on Fidelity deferred annuity
Another point — I have IRAs and equities as well. Prefer to leave those be and pull from the deferred annuity only. (Don’t know if you needed that clarification on my portfolio.)
2018-05-15 17:11, By: Eli, IP: [2601:2c4:c880:1a8c:1013:761a:6cea:67fe]

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