Fixed index annuity
My financial advisor wants to place 1/2 of my investments into a fixed index annuity. I told her you were not in favor and she asked me what was your alternative recommendation. What is your alternative recommendation for a safe investment? I am retiring in 1 year and not comfortable with the annuity.
Terry Says
Whew, you escaped an expensive trap You were funding your financial advisor’s retirement — NOT YOUR OWN!
This is the time to get a fee-only FIDUCIARY advisor to review your entire pre-retirement situation.
Start here: https://www.terrysavage.com/pam-krueger-wealthramp/
I couldn’t begin to give suggestions because I don’t know your age, what other retirement income you might have (a pension?) when you plan to take SS (hopefully not til 70), what other obligations you have, whether you have long-term care insurance (the potential devastating cost to your retirement plans), whether you are married, where you live and whether you plan to move, and etc etc.
And I’m betting that your “financial advisor” didn’t ask half those questions!!
ALL of those things play into your investment decisions — and all MUST be considered before making ANY investment decisions. Your money can temporarily sit in a Money Market account until you get to that point.
