‘The biggest risk you face is …’ He wants to retire in 10 years with a $6K monthly income, annuities and $650K in retirement. Can he?
March 4, 2025 by Alisa Wolfson
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Question: “I am 53 years old and still working. I am planning to retire at 62 and when I retire, my estimated monthly income will be $6,000 per month. My estimated Social Security will be $2,200 per month. I have annuities invested for a total of $460,000, I have 403B, 457, Roth IRA and money market accounts totaling $650,000 and I have a house with a mortgage balance of $180,000. At the moment, my bills include paying my mortgage, insurance, taxes and HOA which are $2,500 per month. My water and gas bill is $350 and my monthly credit card bill is $1,500.
Wink’s Moore on the Market: James Hemphill, CFP®, CPWA®, ChFC®, CIMA® says, “The right kind of annuities can provide tax-deferred growth or guaranteed lifetime income…”
Well, all deferred annuities provide “tax-deferred growth.”
AND- every annuity provides a guaranteed lifetime income. -sjm
