When Is the Best Time to Buy an Annuity?

Most retirees buy annuities in their 50s or 60s when they want predictable income and protection from market risk. Deferred annuities work well earlier, while immediate annuities suit those ready to retire now.

Do I Have to Pay Taxes on Annuity Income in Florida?

Florida does not tax annuity withdrawals at the state level. Federal income taxes still apply to the earnings portion of your annuity distributions.

Can I Withdraw Money Early from an Annuity?

Yes, but early withdrawals can trigger surrender fees and tax penalties. Most annuities allow up to 10% to be withdrawn annually without penalty.

How Much Money Do I Need to Buy an Annuity?

Minimum investment amounts vary by provider and annuity type, but most start between $5,000 and $25,000.

What Happens to Your FRS DROP
Lump Sum when You Retire ?

With 43 Years of Experience in Financial Services,

Fraser Allport can help you with all your DROP and Retirement needs.

(386) 882-6256

COMPLIMENTARY CONSULTATION

When you exit the Florida Retirement System (FRS) DROP, you have three choices for receiving your lump-sum payout:

Receive a lump sum payment, with 20% automatically withheld for federal income taxes.
Roll over 100% tax-free into your own Self-Directed IRA Rollover account.
Choose a combination — take part as a taxable lump sum (20% withheld) and roll the remainder into your new IRA tax-free.

A Self-Directed IRA allows you to control how your retirement funds are invested — giving you flexibility and the opportunity to grow your savings on your own terms.

Fraser Allport helps FRS members like you navigate every step of the DROP termination and rollover process the right way:

Completing your DROP exit paperwork accurately and on time.
Establishing your new Self-Directed IRA Rollover account.
Investing your DROP rollover funds prudently to meet your goals.
Setting up your IRA to provide a Guaranteed Lifetime monthly check.

With smart planning, you could enjoy three lifetime income streams in retirement — from your DROP, Social Security, and IRA.

Fraser Allport also provides comprehensive retirement support, including:

Guidance on DROP deadlines and forms.
Advice for investing DROP and unused leave payouts wisely.
Maximizing Social Security benefits for you and your spouse.
Help with Health Insurance, Medicare, and Long-Term Care options.
Coordinating your retirement strategy with your spouse’s.
Strategies to reduce income taxes in retirement.
Estate and Legacy Planning, including wills, trusts, and powers of attorney.

Fraser Allport is here to help you retire with confidence, protect your wealth, and secure your family’s future — while your health still qualifies.

REVIEWS

Carol O.

"Fraser Allport is the FIDUCIARY you want to work with. He is the ultimate gentleman and professional."

Loretta F.

"I have had the pleasure of working with Fraser Allport for the past two years, and I can genuinely say that it has been an outstanding experience."

Kevin W.

"Fraser Allport has been a tremendous help in making important financial decisions for our future."

Your DROP Plan is your Retirement Nest Egg.

Safeguard it by getting Smart with your Money.

Your FRS DROP is your retirement nest egg — the reward for years of dedication and service. The choices you make now will determine how secure and comfortable your future will be.

Fraser Allport helps you make the right financial moves to protect and grow your DROP money. From understanding your payout options to setting up a Self-Directed IRA and creating an income plan for life, Fraser guides you through every step of the retirement process with care and experience.

Retirement is one of the biggest financial transitions you’ll ever make. Don’t go it alone. With smart planning and professional guidance from Fraser Allport, you can safeguard your nest egg, prepare for longevity, and enjoy the peace of mind you’ve worked so hard to earn.

SCHEDULE A COMPLIMENTARY CONSULTATION

You are in the DROP.
Good for you.
That’s a smart move

But do you fully understand your DROP ?

The FRS DROP is a smart move — but it can be complex. There are important forms, choices, and deadlines that require your attention. Understanding the rules, regulations, and your rights within the DROP system is essential to making the most of your retirement benefits.

You don’t need to spend a lot of time on your DROP — just a little focused time can make a big difference. After all, it’s your money, and every day in the DROP counts. Taking the time to get involved now is one of the best investments you can make in your future.

No one cares more about your money than you do. That’s why it’s so important to understand your DROP, your pension, and your investments. Getting smart about your retirement today will pay off for the rest of your life.

Fraser Allport makes learning about your DROP simple, clear, and stress-free. With decades of experience helping Florida Retirement System members, Fraser offers personal guidance and answers to your most important retirement questions.

Your DROP decisions today will shape your financial tomorrow. Take the first step — schedule a Complimentary Consultation with Fraser Allport and start planning your retirement with confidence. It’s never too early to get smart with your money.

SCHEDULE A COMPLIMENTARY CONSULTATION