Are you thinking about AZ retirement income protection options? If so, have you considered investing your 401(k) into an annuity? The process is easy. The first thing to do is to choose an annuity. Start by determining the purpose of the annuity and talk to one of our advisors. Our retirement income pros can advise you regarding the best annuities on the market and help you find one that best suits your needs. One of the ways we accomplish this is by making sure your annuity fits in with your overall retirement plan.
Annuities Typically Serve Four Purposes
1) Safe Growth such as principal protection from a fixed annuity
2) Income planning
3) Legacy planning for people who can't qualify for life insurance
4) Long-term care planning for people who want an annuity with long-term benefits
If any of these reasons sound like a fit for you, then make sure you know that this is how they will fit into your retirement plan. If not, then you probably don't need an annuity in the first place.
Open an Account
After choosing an annuity that works for you, the next step will be choosing an account with Bettencourt FG Wealth Management Services. When you do this, you will get a policy/contract number for your annuity. It won't have any money it because we haven't gotten to that step yet. If you decide to open an annuity with another insurance company, that's okay. Just be sure to get the mailing address of the insurance company.
Transfer Your 401(k)
This is where you will transfer your 401(k) into your annuity. This will probably be a partial transfer of your 401(k) because it's usually not a great idea to put all of your money into an annuity. To transfer, you'll need to call up your old 401(k) plan and request a direct rollover to the Bettencourt FG Wealth Management Services or whichever insurance company you decide to purchase your annuity from. Whatever you do; do not request an indirect rollover. The 401(k) company will make the check out to you and withhold 20% for withholding taxes. You probably don't want to go through that, and you can avoid it by requesting a direct rollover.
Next, you'll need to tell your 401(k) plan how to make out your check. This is how your check should look:
[Bettencourt FG Wealth Management Services or Other Insurancy Company]
FBO: [Your Name] / [Policy #]
*FBO stands for "For Benefit Of..."
Please note that in order to have your policy number on the check, you will need to have your annuity account set up with us already. Then, once you receive this check from your old 401(k) company, you will need to know our address (or the address of your insurance company) to have the check sent to. Then, you're done. Wasn't that simple!
Contact Bettencourt FG Today
Are you a baby boomer trying to do something with your 401(k)? If so, Bettencourt FG Wealth Management Services has a checklist for 401(k) rollovers. We are here for people like you who want AZ retirement income protection Just give us a call and we'll answer any questions you have and assist you in rolling over your 401(k) into the perfect annuity for you.Az Retirement Income Protection