IRA Insurance option
I have $385,000 in my IRA and I’m 81 years old. My RMD is large and I wonder if the life insurance option would work for me. My question – where do I go to do this? A large insurance company? Which one? Do I need this at my age? I need someone who knows what they’re doing. Please advise Terry. Thank you. I listen to you and read your column and trust your judgment.
Terry Says
Wait, I’m not sure I understand your question. What are you talking about when you say “the life insurance option”? I have no idea what that would be.
Look, you have plenty of money in your IRA– unless you have a serious illness and need to pay for long term care. Then the money could disappear in a few years.
Just take your RMDs, and consider buying Treasury bills (here’s a link) if you have extra cash.
Invest your remaining IRA money fairly conservatively.
And BE SURE you named a BENEFICIARY.
And also be sure you have an up to date estate plan, and have designated a health care power of attorney.
And enjoy every day of good health!
