Annuities
I’m 70 years old with 68 year old wife. We want out of stocks. Is fixed annuity safe and suitable in our situation? I also have 3 pensions amounting to $7000.00 a month which my wife will not receive upon my demise.
Thank you in advance.
Terry Says
I don’t think you want to get completely out of stocks. And I don’t think you understand the risks of annuities — First, that you are “locked in” with big penalties if you need the cash earlier — and second that if you are talking about an “immediate annuity (check a month for live over your life and your wife’s life) then you are subject to the impact of inflation. At only 3% inflation, the value of that monthly check is cut in HALF in 25 years!!
But there are a lot of annuity salespeople out there selling all kinds of products. I don’t know your situation or the products you are being offered. BUT I would suggest a meeting with a FIDUCIARY, FEE=ONLY financial planner, who can give you unbiased advice about finding both safety and some long-term growth within your own personal situation. Go to Wealthramp.com — or click on the link to “find a personal financial planner” in the top right corner of my website. This is the only group I completely trust to refer you to. You will be matched with a trusted fee only fiduciary financial planner who has been carefully vetted. At least have a first meeting, which should be free.
