Wannabefree
Confused about dryer sheets
Hi. I'm Kathy and I'm 55 years old. My husband has been retired from a civil servant job and receives a pension and a disability. He has been retired over 2 years and this last year underwent life-changing surgery - a double transplant. It got me thinking that it is time for me to retire and spend time with him and family as life is too short. He brings in approximately $90k annually. In addition, we have about half a million in retirement funds but we do have two homes - one in NY and one in FLA. I know we can pay expenses with his retirement income but I want to take a "bridge" annuity for 5 years from my plan. My broker suggested purchasing an annuity for about $274,000 which would pay me around $1k after taxes a month - and I could surrender it at the end of 5 years and get most of my purchase price back. I'm not sure why withdrawing about $75k would cost $275k?? I would just like some validation that this sounds correct. I don't have any experience with annuities - not do I know with whom I should discuss.
Anyone out there have any advice? Thanks so much for your time.
Anyone out there have any advice? Thanks so much for your time.