Annuities

By Terry Savage on October 09, 2023 | Financial Planning / Retirement

Our financial consultant is saying that we need an annuity to provide income when we retire. I am 62 and collecting disability for the last 4 years and my husband plans to retire at age 67 in 2 1/2 years. We have about $350,000 in our account and my husband has $170,000 currently in his 401K. That seems to me like it should be enough with our Social security and my husbands military pension. Why would we need the annuity and why would we pay for that?

Do you have any suggestions? We are not comfortable taking half our money to buy this.

Thank you.

Terry Says

Good instincts. You would be helping the salesman’s retirement — not yours!!!
Keep the money not in your retirement account safely in T-bills.
Read this: https://www.terrysavage.com/t-bills-beat-cds/

And stay away from that consultant!!

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