Guaranteed Income Annuity
I had a review with my Fidelity advisor and he mentioned putting money from one of my managed accounts into a guaranteed income annuity. I am 76 but still working in real estate. I also get RMD and soc security monthly. I have 100,000 chicken money What is your opinion of this?
Terry Says
It depends on your entire financial situation — and whether your Fidelity “advisor” is also getting a commission on the products sold to you!
Could I suggest a session with a fee-only FIDUCIARY fiduciary advisor who does not take commissions, and will review your entire financial situation, not just your investments. Please click on this link and watch the video. https://www.terrysavage.com/pam-krueger-wealthramp/
In general, if you buy an IMMEDIATE annuity, you are guaranteed income for life — BUT that fixed income will be decimated by inflation. At only 3% inflation annually, your spending power will be cut in half in 25 years.
Not quite sure what type of annuity they are recommending, though. So please do seek independent FIDUCIARY advice.
