Retiring soon. All assets are in 401K
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
