Hi, I just found this board and joined here to learn all I can, and hopefully help others out with what little I know.
We're big Dave Ramsey fans, and without going into details I'll just say that Dave would be proud of us.
My husband took early retirement from GM in 2008. This summer, GM decided to "de-risk" their plan, and off-load tons of pension obligations. Read more
We took the lump sum, which will be rolled into his 401(k) next month.
I know educated answers can't be given without all the specifics (which I'm reluctant to do on a public board), I'm having a heckuva time deciding what to do with this money.
It now represents 1/3 of our current liquid retirement savings (if you consider 401(k)s liquid).
We met with three Independence CFPs, all of whom told us to take the lump sum. And then obviously invest it with each of them.
One of the CFPs is a Dave Ramsey Endorsed Local Provider (ELP). She is really "encouraging" me to buy a Prudential Premier Retirement B Series Variable Annuity at 4.5% return, which she says is going away in two weeks and being lowered to 3.5%.
Really, I am an annuity moron. I inherited a couple when my father passed and they actually paid as promised with no glitches.
A few more details that may help: we both plan to work another 3-5 years, so we would defer the initial payment for 5 years, which we can do (at this point).
Too much info? Not enough?
Can anyone give me help to push back on this gal? I'm just so confused... I like her, and think I want to work with her, but just not sure that a variable annuity is how I want to do it.