Annuities

By Terry Savage on August 24, 2022 | Financial Planning / Retirement

What percentage of my retirement savings should i put into an annuity? My advisor says i should move 50-60% of my retirement savings into an annuity (total saving is about $600K). I am single and do not have a pension – and will receive about $3K/month in social security. Should i be concerned about putting so much into an annuity?
Thank you!

Terry Says

I believe your advisor will make a nice commission selling you that annuity. A fixed check might look good now, but will not keep up with inflation as your SS will. In my opinion, this would be a terrible mistake.

I think you might want to find a new advisor who is FEE-ONLY and is a FIDUCIARY who promises to put your interests first!

Check this link on my website to learn more about Wealthramp, where you can be matched with a carefully vetted fee-only, fiduciary advisor.

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