Can I Roll Over my IRA or 401(k) to an Annuity Tax-free?

YES.  An annuity which receives an IRA or 401k transfer is considered a “qualified” plan. When open an annuity with pre-tax money, the insurer creates an “IRA Annuity” account into which your money is transferred directly. You can directly transfer your 401(k), pension or IRA into an annuity without adverse tax consequences. Your employer can roll over your 401k into an annuity without having to withhold any taxes. There is no mandatory withholding requirement if your funds are rolled over directly into an annuity.

Can The Annuity Mall help me with this?

YES. It’s easy.  Our agents will help you select the insurance company you want to do business with and we will send you that company’s annuity application and a direct transfer authorization form to start the rollover process.  You complete the forms (with our assistance) and the transfer is handled by the insurance company.  We provide you with this service free of charge.  Millions of such rollovers take place each year between banks, brokerage firms, mutual funds, employers and insurance companies.

My retirement is in a 401k account with my employer.  How do I roll it over to an Annuity?

You’ll need to contact your company about the procedures they have for releasing your money.  Many employers require their own forms to be completed before they release your retirement.  These companies will not process a transfer request which is initiated only by the annuity company’s paperwork only. Some employers will only send the rollover check to the employee’s home address.  It would be faster if your employer agreed to issue its check payable to the insurance company for your benefit and then send the check directly to the annuity company by overnight mail.  This would be the fastest way to make the transfer.

My employer sent me a pension lump sum distribution. The check was made payable to me not to the insurance company. How do I avoid paying taxes on this distribution?

You must roll over the money into an Annuity within 60 days to avoid taxes. If the money is not in an annuity within the allotted 60 days you will owe taxes on the full distribution.  Our agents will help you every step of the way.