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Emmysue

Nyc Trs Tax-Deferred Annuity Question

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Hello,

 

Getting ready to retire, but I'm getting conflicting advice as to whether to annuitize my TRS NYC Tax-Deferred Annuity.

 

(Seems that almost all retirees elect this option since it guarantees a certain monthly annuity payment.)

 

However, I've calculated that I can live comfortably on my pension plus just the interest from my TDA.

 

I'm thinking about deferring, but take periodic (quarterly?) withdrawals to cover my living expenses. This would leave the principle untouched.

 

Two different pension consultants have advised against this.

 

Any comments or advise would be greatly appreciated.

 

Thanks and Happy Holidays!

 

Emily

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Guest Joel L Frank

How old are you? Are you in good health? Do you want to leave your 403(b) ("TDA") as an inheritance? What was the advice of the two consultants?

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Hi Joel. I am 61 years old, and in good health, i.e., no major or chronic illnesses. I'd like to leave an inheritance to a non-profit environmental organization. Both consultants advised against periodic withdrawals for living expense due to the difficulty in predicting how much and how often to withdraw funds. I'll have to pay federal tax, but it is my understanding that I won't have to pay state or local since the plan is to relocate to Seattle.

 

Thanks for your help. Happy New Year!

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