62 next week

[johnbb]

I will turn 62 next week. I haven't worked in over three years, so I guess I am retired, although I hope to find part-time work eventually. I have a 401K, a house with equity, a small savings, and of course my SS benefits if I decide to take it early. I was reading about Prudentials Income Bridge Approach. Has anyone done this. I'm trying to decide if I should take SS now and suppliment with my 401K, or if I should purchase an annuity. Any other suggestions?

[JohnP]

Johnbb -

I've not seen anything here on this special immediate annuity.

I read about the Pru Income Bridge over in M*s "Investing During Retirement" forum - Near as I can tell, this annuity is a short term way to increase your income by putting off signing up for SS until you are 70 - seems like the approach is like moving money from one pocket to another and giving a bunch to Prudential at the same time.

Many of us here steer clear of insurance annuities. I think that it can be easily replicated with a simple CD ladder if you really want to do this type of thing.

Congratulations on turning 62... and on your first post here.

JohnP

[REWahoo]

Hello Johnbb, and welcome to the forum.

The subject of when to take SS and the evils/virtues of annuities is a much debated topic on this board. Here are a couple of examples:

http://early-retirement.org/forums/i...p?topic=7626.0
http://early-retirement.org/forums/i...p?topic=4943.0

I think you will find some strong opinions on both sides of the issue. Good luck in your decision.