Ask Terry Questions Retiring soon. All assets are in 401K

Retiring soon. All assets are in 401K

By Terry Savage on June 21, 2024 | Financial Planning / Retirement

Will retire in Jan 2025. All my assets ( $400,000)are in my 401K. Is an annuity a good option for protection? What kind of annuity would you suggest and tips of what to do and NOT do?

Terry Says

No, no no – take a look at the options available inside  your 40l(k) plan. Ask your plan sponsor which is the most conservative.  Very few plans offer annuities inside the plan — and you don’t want to lock yourself into this option unless you have no other choices that will keep your money safe for the next 6 months.   Typically these plans don’t have a money market alternative and that’s a shame since the market could be very risky just before you retire.  When you DO retire, immediately roll over your plan money into a Rollover IRA.

Read this;  Rollover Now – Terry Savage

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