i have a question about annuities.

[mopinko]

so, i'm about to put the cutest house in my zipcode on the market, and looking at making some changes in my money. it's time to shift from growth to income. i mostly live on rents.
i have my fp looking at things for me now.
but i have a friend who worries about me who has been bugging me about annuities. now, he doesnt rly know my net worth, that just that i have rentals that are a drag atm.
but i'm thinking it would be smart for me to have a couple for my disabled kids.
1 is on ssi, certified. her dad is helping her now, and can easily afford it. but who knows? if he ever gets in a spot where he cant help enough, i would like to know i can step up.
we're on the outs, and at no future point do i see her asking me for help. but if we patched things up, which i think we will, even if her dad is helping her, a little extra would be welcome. she cant have kids, and she has a honey she cant marry w/o fucking up her bennies. but i think she would like to have a kid.
i also have 2 other successful kids, 1 healthy as a horse, but an amateur athlete, the other is successful despite the family curse of autoimmune disease.

the other has both physical and mental issues but refuses to have anything to do w docs, so cannot get bennies. his dad and i have been supporting him off and on since shortly after i kicked him out of my house. he just moved back in. i had hopes he was in a better place, but alas he only thinks he is. he'll be fine when i go. if he's still here, he gets the house, as well as responsibility for the pets. there'll either be income from the sale of the rest or from rents. likely sale.

so, it's not a matter of basic money, but what if money. but in both cases, a little money in their direct control would be a boost to both of them. and a cushion for the other 2 doesnt hurt.

so, here's the question- how soon can you draw on an annuity, and can you define your own trigger for dispersal? is disability of the beneficiary a thing, or is it just me? dead or disabled? or a certain age?
tia

[elleng]

1. QUICK research, for which I cannot vouch:

You can take your money out of an annuity at any time, but understand that when you do, you will be taking only a portion of the full annuity contract value.

The default is the five-year rule.

Under it, the beneficiary or beneficiaries have five years to take out the proceeds of the annuity. They can take them out gradually or in a single lump sum anytime up until the fifth anniversary of the owner's death. But even a series of five equal distributions has tax drawbacks.

What are the rules for withdrawing from an annuity?
If you withdraw money from an annuity before you are 59 1/2 years old, you will generally have to pay a 10% early withdrawal penalty. Additionally, you may also have to pay surrender charges if you withdraw money from a deferred annuity before it has matured.

How are annuities distributed to beneficiaries?
After an annuitant dies, insurance companies distribute any remaining payments to beneficiaries in a lump sum or stream of payments. It's important to include a beneficiary in the annuity contract terms so that the accumulated assets are not surrendered to a financial institution if the owner dies.

https://www.google.com/search?q=how+soon+can+you+draw+on+an+annuity%2C+and+can+you+define+your+own+trigger+for+dispersal%3F+is+disability+of+the+beneficiary+an+issue%3F&oq=how+soon+can+you+draw+on+an+annuity%2C+and+can+you+define+your+own+trigger+for+dispersal%3F+is+disability+of+the+beneficiary+an+issue%3F&aqs=chrome..69i57.10299j0j7&sourceid=chrome&ie=UTF-

[mopinko]

2. but they have retirement ones.

that's rly my ? what are the triggers. assuming 65, but also disability.
but what i'm talking about is setting them up for my dependents, which i assume is a different kettle of fish.

[empedocles]

3. Astute investment advisers do not recommend annuities.

Check it out.

Lot of sales promotion, sales persons, management fees, executive salaries.

[mopinko]

5. oh i know.

i told me friend they're for poor people.
but i'm wondering about whether there is something they invest in that i might find worthwhile.

[empedocles]

4. I have done a revocable trust, which is very flexible for varying needs over time. Use mutual funds

for the trust. Fees are much lower.

[mopinko]

6. thank you.

good idea. can attach part of my portfolio for them.

[PoindexterOglethorpe]

7. There are annuities, and then there are annuities.

They are not all the same, and the general trashing of them here is unwarranted.

I am taking the income from two annuities right now. I have a wonderful advisor who got me into them about a decade or so ago.

They are actually rather complex, and you probably need good advice from a good financial person before you consider purchasing any. Your exact goals, which you've outlined here, are very different from mine which was to provide me income in later life with residual value for my heirs.

[CountAllVotes]

8. I've always viewed annuities with a jaundiced eye

Can I get my money back?

And I mean all of it with interest?

No honest investment person can answer this or if they do, they push it off to someone else.

Try some Series-I bonds. They are paying over 9% right now.