Question for the Money Doctors
Question submitted on Mar 7, 2023.
QuestionFIRST--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
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.
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