Are annuities a good invenstment for retirement income?
Posted by MarkJun 16
My husband is 82 & I am 68. I will loose 2/3 of our monthly income if he dies before I do. Are annuities a good thing to have to replace some of the lost income?
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I hate annuities.
They are extremely expensive.
You hand all your money over to a company and they write you monthly checks from YOUR money.
For this they can charge you as high as 5%.
Why not just take your money and take 4% out a year yourself to live on?
Call a company like Charles Schwab or Fidelity Investments and ask them if they have a CD annuitity which is low cost.
Do this if you know that you can’t handle taking your own money out.
A financial advisor can make thousands from the sale of an annuity (they will push it on you) – a discount broker does not work on commission.
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