10-27-2020, 02:46 PM
(10-27-2020, 10:29 AM)ChadR Wrote: Yeah trusts are great just not for leaving them alone to let them build through their income. Always best to just pull out all the income every year.I'll have to wise up on the inner workings when the time gets closer. Taxes and interest rates change the game. Trusts and annuities certainly have their purpose. I have a few friends that are trust beneficiaries. They just get a quarterly check and they can remain clueless on finances for the rest of their lives. (just as their parents expected they would).
On a side note, I am on this forum because I bothered to research the details of an annuity my 401K was scheduled to convert to next year. I wasn't thrilled like with the deal when the FED Funds rate was 2%. I'm sure I wouldn't like it at 1/2%. If you are 15yrs out from retiring, it seems all you can do is formulate a very rough draft plan. Just too many variables unless you are prepared to fund it when almost everyone is still accumulating.