budmanatlanta
Confused about dryer sheets
- Joined
- Apr 6, 2017
- Messages
- 4
My wife and I are 50 and hope to ER by 56. We have no pension or other guaranteed income but are on our way though 401k and other retirement savings.
A FA suggested that we get a deferred annuity, starting at age 70. Our joint social security is projected to be $5000 per month. A single deferred annuity generating an additional $2,500 per month would cost $175k to purchase.
The $7,500 per month is projected to cover my expenses starting at age 70, and would free me up the use most of my remaining savings between ages 56 to 70.
Does this sound a good strategy?
A FA suggested that we get a deferred annuity, starting at age 70. Our joint social security is projected to be $5000 per month. A single deferred annuity generating an additional $2,500 per month would cost $175k to purchase.
The $7,500 per month is projected to cover my expenses starting at age 70, and would free me up the use most of my remaining savings between ages 56 to 70.
Does this sound a good strategy?