Securing Eleanor's future with smart choices.
Eleanor is overwhelmed by managing her $1.8M Traditional IRA and $450K in taxable accounts. She needs a sustainable income strategy to cover living expenses and healthcare while minimizing taxes and planning for potential long-term care needs, along with estate planning for her two children.
Using the Lottery Annuity Calculator, we modeled various annuity purchase scenarios within her IRA to provide a guaranteed income stream, defer taxes, and reduce required minimum distributions (RMDs) later. The calculator helped determine that a partial annuity purchase of $600,000 within the IRA could generate approximately $45,000 per year for life, significantly covering her essential expenses.
The Lottery Annuity Calculator allowed for quick scenario analysis by adjusting the annuity purchase amount, payout rates, and comparing the tax implications versus leaving the funds invested in the market.
$47,000 estimated tax savings over 10 years by delaying RMDs, and $45,000/year guaranteed income for life
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