I’m 73 and my financial adviser told me to buy $1.5 million in annuities — should I do this?
February 26, 2024 by Alessandra Malito
Dear MarketWatch,
I have $1.5 million in my 401(k) and $1.1 million in my IRA. I will be 73 in 2024 and must start RMDs.
A financial planner suggested that I purchase $1.5 million in annuities and invest the other $1 million in stocks and bonds.
Should I take my adviser’s suggestion? Does this sound like good advice?
Wink’s Moore on the Market: “I’m 73 and my financial adviser told me to buy $1.5 million in annuities – should I do this?”
THAT DEPENDS.
Overall, I think this article did a pretty good job of responding appropriately to this reader’s question. I could split hairs about the withdrawal provisions, but they got most of it right. -sjm