Tip & How-To about Luggage & Travel
This tip is primarily for anyone who may be planning on retirement in the near future, but those who have some time to go might want to store this in the back of their memory.
Let me start by saying I have no involvement in the sales or promotion of any financial program. I'm offering this based on my personal experience.
As my time approached for retirement I began searching for the best ways to use the monies in my 401k to supplement my pension and SS. My first and simplest option was to have the manager of the 401 simply purchase annuity with a fixed lifetime monthly distribution. With a little research I found this option would have grossed me approx. $500.00 monthly. And that was fixed.
Further research uncovered varible annuities with all kinds of bells and whistles. So I tread softly, talking to anyone and everyone who may provide some insight. I found, if you look closely and read all the very fine print that there are some pretty good options. I found a variable which pays near twice my first option. On top of that the distribution is recalculated annually and, based on economic factors can be adjusted up, never down. Granted I pay a few extra pennies per thousand invested for this luxury, but it's worth it. This annuity will keep on paying untill I die, then continue paying my wife up to her 90th B'day.
Anyway, my tip here is simple. Don't jump at the first thing that looks good. Be a skeptic and do your homework.
Posted by Bob Korsu on
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