Tax deferred plan for retiree
I'm 65 and have a small pension that I recently transferred to a variable annunity. I have just stated taking my social security payments. I sold a business and now receive $16,000 a month for the next 19 months. Can I put most of the $16,000 into the annunity?
Placer County California
There are no federal or state limits on after tax annual contributions that can be made to variable annuities, however individual contracts may have ceilings so be sure to check your specific annuity contract.