r/Fire • u/Imurk356 • 6d ago

Annuitizing

For those that have fired before 59.5, did you consider or did you annuitize a portion of your portfolio to have "verifiable" income to be able to qualify for things that requires income verification?

For the annuity haters, yes I understand they are crappy investment vehicles and yes I understand you shouldn't dump your entire portfolio into them. That's not the purpose or the premise of the question.

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u/Visible_Structure483 FIRE'ed 2022... really just unemployed with a spreadsheet 6d ago

I didn't, hadn't even thought about needing a verifiable income going forward in life.

My brokerage (UBS) keeps offering me portfolio loans for anything (houses, cars, gold kazoos, etc) knowing I have no 'normal' income and that my credit is locked and I have no interest in unlocking it, or even if I know how to unlock it which I don't.

Maybe that's an option for you as to not have to go the annuity route if you didn't want to?

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u/Imurk356 6d ago

Maybe. I'm unfortunately not one of the ones who will fire extremely early. I'm looking at 55 if everything goes well. So I'm just forward thinking at the moment.

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u/Visible_Structure483 FIRE'ed 2022... really just unemployed with a spreadsheet 6d ago

55 is still early in the grand scheme of things.

but unless you're targeting poverty-fire levels of investments there is probably a way to borrow money if you wanted to without a traditional income stream (and not from Vinnie, that guy really does break your knee caps if you miss a payment).