If you want to convert to an annuity from a 401k, there is a basic process that you will have to follow. Here are a few things to consider about how to convert a standard 401k to an annuity.
By making this conversion, you are going to be able to secure regular monthly payments for yourself during your retirement years. Instead of having an unknown amount of money to work with during retirement, you are essentially going to be able to lock yourself into a specific monthly payment with an annuity.
You are eligible to convert your 401k account over to an annuity without having to pay any type of taxes on the transfer. In order to do this, you will need to work with an annuity provider and your 401k company. Find the annuity product that you want to purchase. Let the insurance company know that you are going to be transferring assets from your 401k over to it. They will have a form for you to fill out. You will then need to contact your 401k provider and fill out a form with them also. They will then transfer the money to the annuity.