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TIAA CREF403B Fixed Annuity

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ByKenGedz

L1: TIAA CREF403B Fixed AnnuityIf at 56, I take my lifetime annuity with TIAA /equal payments–will that keep me from the early wihdrawal penality for thepre 59.5 yrs? I would be depending on TIAA calculations. Thank you. (By the way the IRS recommended your website to me)2002-10-27 10:35, By: KenGedz, IP: [127.0.0.1]
L2: TIAA CREF403B Fixed Annuity
You don’t say what the starting date would be. If it were to start in 2002, there would be no question, it would be ok.
In 2003, it should also work, but it will be a gray area until there a few PLRs since the assumptions in Rev. Rul. 2002-62 are very specific as to both interest and mortality and there was absolutely no mention of an actual life annuity issued by an insurance company.
With that said, I’m not a big believer in lifetime annuities – especially at age 56 (my age), probably more Ok at about 70 or 75.
Yes, with an annuity you get a guaranteed lifetime income, but you also lose control of the asset. With interest rates as low as they are, you are locking in a very low interest rate when rates are at their lowest point in many years and have almost nowhere to go but up.
Just my thoughts. Question, what IRS office/representative referred you? Just curious :~}2002-10-27 11:32, By: Gfw, IP: [127.0.0.1]

L2: TIAA CREF403B Fixed AnnuityThank you for your prompt reply. 6.5% is my interest rate. Do you think that is OK with the IRS. I would be starting at 56/7. I called the general number for the IRS. I got the annuity unit and the woman there was extremely knowledgeable, andtooktime with me. She sounded like a very pleasant Texas lady.
Thank you and hope to her from you again. Great website. 2002-10-28 08:54, By: KenGedz, IP: [127.0.0.1]

L2: TIAA CREF403B Fixed AnnuityAs I mentioned earlier, a life annuity would probably be ok – the thing to do is contact TIAA CREF and get their thoughts. They may be willing to certify the SEPP plan will comply and after all, they are the ones that will be preparing the 1099R each year. Good luck! :~}2002-10-28 13:00, By: Gfw, IP: [127.0.0.1]

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