Annuities
The old adage regarding annuities is that the only person profiting is the person who sold it to you. Are there any current annuities that you would recommend for a 70 yr old retiree?
Thank you
Terry Says
Typically, that’s true! And at your age, you’re not looking for long term deferral of taxable income.
But if you have a lot of money, and are worried about running out of money in your extended lifetime, then you could take a portion of your money and buy a fixed, immediate annuity. You’d be locked into a fixed payment every year that wouldn’t adjust for inflation, but it would give you an additional monthly check as longa s you live. Find out what you could get at www.immediateannuities.com.
And if you don’t mind being illiquid, you could by a MYGA — multi-year guaranteed rate annuity, which is the insurance industry’s version of a CD. Learn more about them at the website of Stan the Annuity Man. By the way, I trust him completely!!
