Question for the Money Doctors

Question submitted on Mar 7, 2023.

Question

FIRST--I NEED A COUPLE OF GOOD WEB SITES I CAN USE TO CHECK MY LONGEVITY RISK?

SECOND- I AM 80--WIFE 76. 70% IN BONDS AND 30% STOCK MUTUAL FUNDS. CONSERVATIVE INVESTOR.
HAVE ABOUT $650,000 INVESTED. AM CONSIDERING, OVER THE NEXT 1-2 YEARS TAKING UP TO 1/2 OF THAT AND GRADUALLY PUTTING
INTO 1 YR MYGA'S--CURRENTLY PAYING 5.4 % FOR A 10 YR MYGA. AND ADDING THE INTEREST INCOME TO CURRENT INCOME WHICH WOULD ADD ABOUT $16000 TO CURRENT INCOME. PRINCIPAL IS PROTECTED. I CAN DRAW ON THE INTEREST EACH MONTH AND IF NECESSARY DRAW OUT UP TO 10% ANNUALLY WITHOUT PENALTY. IT'S WITH T OP RATED INSURANCE COMPANY. THOUGHT?

FINALLY--I LIVE IN CHICAGO AND AM LOOKING FOR A FINANCIAL ADVISOR THAT CHARGES HOURLY -- CAN YOU LIST ANY?

THANKS FOR YOUR HELP-DON ECK

Answer

First question - It may be better to consult with your doctor to assess your life expectancy.   I would not rely on websites or the internet.

Second question - I suggest getting an opinion on your strategy from someone who will not be making a commission selling an annuity to you.  You need to watch out for the costs and the surrender charges.  You are 80 years old, an annuity is a bad idea.   Great idea for the salesperson, but not for you or your family.

For additional information visit //www.360financialliteracy.org/