NowWhat
Confused about dryer sheets
Hello. I'm looking for some advice. I'm 61 years old, currently on Long Term Disability (another long story) and no longer working. I'll likely be retiring at the end of the year & starting my pension. I do have some medical expenses but those are taken care of at this time. I have about $600k in after tax investments and $1.1 million in 401K investments and about $60k in cash. When I retire my pension and social security (starting at age 62) should just about cover my expenses if I continue to live as I am. My after tax money is about 50/50 stocks and bonds, my 401k is more heavily toward bonds. I am concerned about potential significant drops in the market with what is going on in the world, and I know when interest rates go up bonds will take a hit.
My financial advisor is pushing me to put about 25% of my 401k into an Atlantic Coast Life Insurance Retirement Plus Multiplier annuity indexed to the S&P500 with a 40% participation rate as protection for a significant sustained drop in the market. I'm not a big fan of annuities or insurance companies and the terms can be changed at any time disclaimer (I know that is standard).
I'd appreciate any thoughts, suggestions or advice anyone has to offer. Thanks for taking the time to read this. If this would be more appropriate in another section please let me know. I'm new here, still finding my way around.
My financial advisor is pushing me to put about 25% of my 401k into an Atlantic Coast Life Insurance Retirement Plus Multiplier annuity indexed to the S&P500 with a 40% participation rate as protection for a significant sustained drop in the market. I'm not a big fan of annuities or insurance companies and the terms can be changed at any time disclaimer (I know that is standard).
I'd appreciate any thoughts, suggestions or advice anyone has to offer. Thanks for taking the time to read this. If this would be more appropriate in another section please let me know. I'm new here, still finding my way around.
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