2Dogs-run far away from any advisor that says a variable annuity is good for you, because (according to Suzy Orman, and others) they only recommend it because they get a huge commission up front, and the fact they're a bad investment is not mentioned.
Hey 2Dogs - you still hanging in there 4 days a week? I am making the decision now; love my work but I need the bucks I will get upon retirement.
I resigned as of 4/26/13 and after 2 months do not regret it a whit.
Unlike you, I got nada from my most current employer on retiring since I had only put money in their profit sharing plan for 3 years.
All my funds are from a previous job I left in 1996.
I am riding more, reading more and not depleting the inherited funds to get by in addition to my SSI widow's benefit.
I can see this working for me for the next 3 years until I can switch over to my own full SSI.
A kind of final gift from my DH.
I have had my original annuity for nearly 20 years and while growth is snail-slow , I knew that going in.
Risk of losing principal is also very low and that suits me to a T.
When everyone else was crying over losing money in the markets, my funds sat largely unaffected.
Slow growth is safe growth for me.
I have withdrawn funds over the years - starting even before I was 59-1/2 - to allow me to do things like buy a house (earnest money), buy a new truck/trailer and do some needed repairs.
I can tell you that the amount left after all these withdrawals is nearly the same as the amount originally invested.
A joke, I know, to some who expect growth, but for me it works to have funds there for the rainy days.
The newest VA will pay me a whopping 3% if I leave it untouched for 7 years - very doable if I continue to use the original for withdrawals.
I don;t care what the broker makes as long as I have access to principal if/when needed.
So far the scoreboard reads:
*friend of bar.ka*RIP all my lovely boys, gone too soon: Steppin' Out 1988-2004 Hey Vern! 1982-2009 Cash's Bay Threat 1994-2009
Really glad it worked out well for you...I kinda thought it would. Im waffling right now on how much longer to work. I dont mind my job at all, Im my own boss at work, I live a mile from there. I have horses/dogs/chickens at home, so my vacation spot is right where I live (besides the beach being an hour away). But to actually be able to wake up and not have to go to work or answer to anyone....hmmmm....
I'm glad to read that retirement is a hit. I just have to make a decision. I also get my husband's SSI widow's benefits, but he was an ex and I am sure he is rolling over in his grave that I am getting something from him. I just worry that I will fade away into a TV-watching old lady. Having my horses here does require me to move around and tend to them...a good argument for keeping the herd.