These are all good ideas about tax consequences (if that’s important to OP).I'd just add that you should be mindful of tax consequences. You don't have to take the $85k out all at once - you could do it over 2 or more years to minimize the tax hit, if necessary. But then of course you will not have access to the $200k principal until you're done withdrawing the taxable amount, so you'll continue to pay high fees. If you do want to withdraw gradually, one option would be to do a 1035 exchange to a lower-fee VA, such as Fidelity's, then gradually make withdrawals, so at least you don't lose as much over time to fees (and Fidelity's VA has some index funds with relatively low expense ratios to choose from, which is probably not the case with NYL).
Statistics: Posted by Stinky — Tue Jul 02, 2024 3:47 am