Retirement money
Hi Terry,
I am 63 and I just retired in March. I’m in the process of making key decisions financially. I have accumulated approximately $1M ( 401k, IRA , pension lump sum, cash ). My expenses monthly are around $3K. I would like to generate income of $5K /Month ( SS ; $2,300 & $3k from other sources. I would like to generate consistent income via annuities by allocating $250K. Q: What type of annuities and insurance company would you recommend? Thanks in advance for your response .
Terry Says
I have nothing against annuities and own some myself. But I would NEVER consider putting a significant part of my retirement funds in immediate annuities. That the buying power of that fixed monthly check would be cut in half in just 10 years at 8% inflation!
You need some comprehensive financial planning. Search for a trusted, FEE-ONLY, FIDUCIARY financial advisor at www.Wealthramp.com.
And don’t run around telling people you want to buy annuities. The ripoff artists will swarm you!! If you do think you want to set some money aside in an annuity go to the only guy I trust in this business –Stan Haithcock at www.StantheAnnuityMan.om
And consider a DEFERRED ANNUITY — one that starts paying out around age 80. You’ll get a lot more money in the check by postponing the payout.
