Ask Terry Questions annunities


By Terry Savage on October 16, 2019 | Investments

I am 61 and have a 403b fund and someone suggested I look at annunites? suggestions? what do you think?

Terry Says

I think you should stay far away from that “someone”!  He/she is likely an annuity salesperson, getting commissions on those products for his/her own retirement!

First, you can’t do ANYTHING with your 403(b) plan until you leave the company, likely because you retire.  In the meantime, since you are close to retirement take a look at the investments offered inside your 403(b) and choose the most conservative funds.

Then when you leave the company, you will do a DIRECT ROLLOVER to Fidelity or Vanguard.  Call one of them and they will arrange the rollover, so there are no tax consequences.  And if you explain your full financial situation, they will help you make conservative choices for investments inside your new rollover IRA.

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