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Originally Posted by joey2665
I absolutely agree. As a CPA when clients ask me to recommend and annuity I always steer them away. I am not a fan at all, they are expensive and the rate of return, especially now is very low.
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I've been in the business for 35 years and I can tell you categorically you should NEVER annuitize an annuity. You are far better off keeping for $ in an inexpensive mutual fund (or other like kind vehicle such as etf, portfolio of stocks/bonds) and take an automatic withdrawal of say 4-6% per annum (lots of "discussion" about how much).
As already written you must start withdrawing $ from a retirement plan at 70.5 and it's based on life expectancy and is usually about 7% of portfolio value. This adjusts every year.
Tough to beat Vanguard for offering inexpensive index funds but Fidelity, Schwab and others compete well.
good luck!