I have a plain Genworth fixed income annuity (not indexed or anything else). I have passed the surrender period and would like to begin payments in April 2018. The basis is $125,000. The value right now is $145,000, based on 2% interest rate that is guaranteed through 2024.
I would like to get 10 years of payments, timed with my receiving social security at age 70. However, Genworth does not offer a 10 year period certain plan. I would have to take systematic withdrawals timed on a monthly basis. Is this a good idea?
My financial planner from TIAA is suggesting that I do a 1035 exchange with them, since they offer a 10 year period certain plan at 2% interest, not sure for how long. I know that the 10 year period certain plan has a more advantageous tax rate, while the systematic withdrawal would require that the taxable funds be withdrawn first. I'm a little hesitant to go with TIAA, after all the bad publicity in the New York Times ... Any help you can provide would be appreciated.
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