Retirement questions
I have $700000 in a anuity through my union financial company and willbe receiving $5000 a month from my union pension. I am 60 years old and at 62 I will be receiving $2800 in SS. Do you recommend my getting a financial advisor for my retirement plans ? Thank You Terry!
Love listening to you on WGN
Terry Says
Well, I think you could benefit from at least one meeting with a fee-only fiduciary, because you left a lot out of your question.
First, why on earth would you take SS early at age 62? Your other income will reduce your benefits, and your ultimate check will be permanently reduced. DONT DO THAT!
Second, you didn’t say when you plan to stop working. Will your pension start at that point?
And what is the $700,000 “annuity” that you mention? That doesn’t seem right. There must be multiple ways to withdraw that money in retirement — assuming it is a 40l(k) or 403(b) or other type of retirement plan. Who is advising you on that?
You didn’t say if you are married, own your own home, have long-term care insurance, have any dependents — and if you have made an estate plan. A good financial advisor who is not trying to sell you something would cover all those issues!
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