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Merchant Mariner trying to quit at 62
Old 08-07-2010, 04:28 AM   #1
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Merchant Mariner trying to quit at 62

I'm currently 58 yrs. young and since my pension is worth only half of what it was, working till I'm 65 doesn't make much sense.
I'm curious about annuities- seeing if they might be part of the plan. That's after I pay my house off.
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Old 08-07-2010, 12:56 PM   #2
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Quote:
Originally Posted by emsdaddy View Post
I'm currently 58 yrs. young and since my pension is worth only half of what it was, working till I'm 65 doesn't make much sense.
I'm curious about annuities- seeing if they might be part of the plan. That's after I pay my house off.
Get thee to the Bogleheads, and search for "Forbes AND Series AND Annuities" in the "Investing - Theory, News & General forum". You'll find links to the first five of a series of articles about annuities. I believe the sixth one will be out next Friday. Lots of info there.
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Old 08-07-2010, 05:28 PM   #3
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Oh, so you kept the BP stock after the well blew? My son & wife (CMA grads) took the ARCO merger bonus, 'retired' to shore but kept the stock. When the well blew they sold it. If you still have the stock holding tight is an option but if you still want a piece of the industry there is a thread discussing bulk carriers.

Age wise I am 10 years ahead of you. Sometimes simplicity is better as we get older but I am not convinced that an annuity will give you the income security you are seeking.

Comapre annuities that to Vanguard's Wellesley Income or Wellington funds. My favorite balanced fund, Oakmark Balanced, is closed to new investors but if it were open I would put that in the mix.

The advantage of a balanced fund over an annuity is you don't have the risk that your annuity writer will go down in heavy seas.
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