Quote:
Originally Posted by Bobnfl
Our adviser is suggesting a Guaranteed Annuity for some extra monthly income. Please inform me of the pros and cons. $265k for a $1675 monthly income for life. Break even is at 13yrs. Is it worth it. It is with a AA+ rated company. There are no fees but once invested there is no refund or backing out. You have it for life. We are now 70yo. 3 years from RMD. Help us make a decision
Thanks for any help you can give.
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Several years ago we set up a similar annuity with New York Life through Fidelity. Our intent was to, somewhat, secure a known income source going forward until we died. This is working well for us and we receive a monthly check of known value every month. What we liked about this was it had value that was transferable if we died before "all the money ran out" and that cash could be part of our estate. Not everyone agrees with this position and that's OK, but I would suggest reviewing several different annuities and offerings before 'pulling the trigger' on this one.