Hi all, I have a dilemma that I 'm curious to hear your thoughts. I am 59 and retiring this June. I currently have $1.1M in 401(k), $70K in a money market (emergency fund). I'll have yearly costs of 70K in retirement which include year 13 of a $162,000 mortgage that will be paid off in 2039. Added income is $12K yearly pension starting in Jan. 2025 for life and SS at $25K starting at the same time. My financial advisor is recommending using the 401(K) to buy a $600K fixed annuity with a guaranteed rider that will pay out $32K yearly for life floor starting in Jan. 2025. The rest would be invested and used as discretionary $$. I am leaning toward a 5 bucket investment strategy with no annuity using various risk levels and drawing that to cover all expenses. Break even point is age 82 where the annuity supposably surpasses the non-annuitized sttrategy. Which strategy would you pick? Thanks!!
Submitted April 02, 2022 at 01:13AM by cornell5877 https://ift.tt/jgdeTnG
