Curt
Confused about dryer sheets
Hi everyone! I have a question about my upcoming, forced retirement. The company that I now work for is about to go under. I have lost ALL of my benefits. No more health insurance, sick days, paid holidays or vacations. So I want to retire a couple of years early. I wanted to retire at 65 but will have to do it now at 63. I have no retirement from my workplace. I want to purchase an immediate annuity for $300,000 that will give me $1,840 a month for life in addition to the $1200 SS I will also receive. I still will have $75,000 to use if I need it. I know I will lose all control of the money and that's fine as that's what I saved for all my life. I could draw on it but if I live long enough I would run out of money where the annuity will go on til I die. The state of Ohio only has a guaranty fund for annuities for $100,000. If my annuity company goes under I could lose most of my $300,000. Would it be better to buy three $100,000 annuities from three different companies then if one (or all) go under I then could be insured by the state and recover my loses? I thought I had it all figured out years ago about my retirement planning. Interest was high and things were good. I didn't know it was going to be this hard. Thank you for your help, Curt