SoReadyToRetire
Recycles dryer sheets
Hello--
I've been sitting on about $193K in cash in my traditional IRA at Fidelity for awhile (out of a total of $520K).
At my recent check-in with Fidelity, it was suggested that I put that money to work now that interest rates are higher.
The suggestion was to put $175K into a 3-year Fixed Deferred Annuity with Mass Mutual. Interest rate would be 4.15%, which is slightly higher than what I'd get in CDs right now. I could withdraw 10% during all 3 years if needed without penalty.
Our total retirement funds right now between DH and me are $1.1M. (We took a big hit last year because we own too much NVDA--so I'm more risk-averse now. ) We'd still have plenty of cash in my husband's IRA, so it's not like we'd be tying everything up by doing this.
I have always been hesitant about annuities, but this one sounds okay. Anybody have thoughts or suggestions on this strategy? Or would you have to hear the rest of our details?
EDITED TO ADD: I decided to take my SS starting this month--$2600/month (age 64.5). My DH is younger and still working, for the next 3 years. So between us, all monthly expenses and a reasonable amount of "fun" money are covered. Thus, our IRAs are mostly "gravy", thankfully.
I've been sitting on about $193K in cash in my traditional IRA at Fidelity for awhile (out of a total of $520K).
At my recent check-in with Fidelity, it was suggested that I put that money to work now that interest rates are higher.
The suggestion was to put $175K into a 3-year Fixed Deferred Annuity with Mass Mutual. Interest rate would be 4.15%, which is slightly higher than what I'd get in CDs right now. I could withdraw 10% during all 3 years if needed without penalty.
Our total retirement funds right now between DH and me are $1.1M. (We took a big hit last year because we own too much NVDA--so I'm more risk-averse now. ) We'd still have plenty of cash in my husband's IRA, so it's not like we'd be tying everything up by doing this.
I have always been hesitant about annuities, but this one sounds okay. Anybody have thoughts or suggestions on this strategy? Or would you have to hear the rest of our details?
EDITED TO ADD: I decided to take my SS starting this month--$2600/month (age 64.5). My DH is younger and still working, for the next 3 years. So between us, all monthly expenses and a reasonable amount of "fun" money are covered. Thus, our IRAs are mostly "gravy", thankfully.
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