Annuities
Hi Terry, love listening you to on WGN and reading your columns wherever I can. I turn 65 in May…..have about $450,000 in my 401k. I’m single….no family. Some friends are pushing annuities. I’m just not comfortable with that. Your thoughts on annuities? Thanks for your time and THANKS for looking out for us!! May you have a HAPPY and HEALTHY 2024!!
Terry Says
Oh gosh, I’ve written three chapters in my book on that, and countless columns on my website. Search the word “annuities” under columns.
As a general rule, there is absolutely no reason to move your retirement account into an annuity. Just pick some conservative investments inside your 40l(k) plan. And when you retire, roll it into an IRA. Read this: https://www.terrysavage.com/rollover-now/
Once inside an IRA, you’ll have a broader choice of safer investments, including Money Market funds for a portion of your retirement funds. And please wait until your Full Retirement Age (nearly 6) to take Social Security.
