Investing 1.5 million

Terry Says

Well, you’re certainly making the salesman’s retirement more secure!
First, I don’t think you’ve accurately described what’s being offered, or maybe I misunderstand.

The first item you described is a “5-year fixed annuity.” That is the insurance industry’s version of a CD, although it is not federally insured. You’d likely do as well with Treasury Bills. Currently a 5-year T-note is yielding about 3.95%. But that means — either in the case of the annuity or the T-note, that you’re locked in at that rate for 5 years, very illiquid. So for at least one-third of your money, I would recommend Treasury Bills, staggering the investments over several months, so that as they auto-renew, you earn current levels of interest, and that interest is free from state taxes.
Read this on how to buy Treasury bills. https://www.terrysavage.com/t-bills-beat-cds-2/

The second product you describe is a “fixed index annuity” — and there is really no such thing.
Read my latest article on Equity-Linked annuities, which I think is what you’re describing:
https://www.terrysavage.com/equity-linked-annuities/

The third product you mention that this “advisor” recommended is “mutual funds.” I’m willing to bet lunch that these will be high-cost funds that eat into your profits (if any). The reason I assume that is that he/she is also selling such high-cost annuity products.
I sincerely doubt that this person is acting as a fiduciary — putting your interests first.

You have a one-time opportunity to set yourselves up for a secure retirement. Don’t blow it.
There is only one way I can be sure you are in good hands with advice for this money — and for retirement income planning, estate planning, tax planning, etc.
Please read this to find a fee-only FIDUCIARY advisor you can trust:
https://www.terrysavage.com/pam-krueger-wealthramp/