I am really hoping to get some good advice here.
I was hoping to retire at the end of this year, at least from my current stressful job that I have been in for over 10yrs. I will be 63.
All the financial advisors I have talked too want to put the majority of my $$ into annuities + leave some in an IRA that I also have for liquidity.
So far most of my friends that have wanted to share their financial info (not numbers of course) have also said their money is in annuities, another says theirs is in a IRA retirement fund of a mixture of stocks + bonds.
I am really concerned of course about losing any $$ + having enough to last.
This is why I thought the annuity route might be the way to go until the advisor wanted to put my money in a 16yr annuity, that made me nervous, although it's not there for me to be spending/pulling out frequently, it made me rethink it.
So far it sounds like I may be ok until I found out how much medical insurance might be per month, much more than I was told about a year ago.
I also have a pension with this job so that helps as well.
I was planning on working part-time anyway so maybe that would help with the medical ins part also, although since Obama care it may not be available.
Any help/suggestions would be greatly appreciated!
Thx so much!!
I was hoping to retire at the end of this year, at least from my current stressful job that I have been in for over 10yrs. I will be 63.
All the financial advisors I have talked too want to put the majority of my $$ into annuities + leave some in an IRA that I also have for liquidity.
So far most of my friends that have wanted to share their financial info (not numbers of course) have also said their money is in annuities, another says theirs is in a IRA retirement fund of a mixture of stocks + bonds.
I am really concerned of course about losing any $$ + having enough to last.
This is why I thought the annuity route might be the way to go until the advisor wanted to put my money in a 16yr annuity, that made me nervous, although it's not there for me to be spending/pulling out frequently, it made me rethink it.
So far it sounds like I may be ok until I found out how much medical insurance might be per month, much more than I was told about a year ago.
I also have a pension with this job so that helps as well.
I was planning on working part-time anyway so maybe that would help with the medical ins part also, although since Obama care it may not be available.
Any help/suggestions would be greatly appreciated!
Thx so much!!