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Confuse about Annuities Options

Dan,

My husband (63), and I (62) are retired.  We have a lump sum of 100K in a CD, paying over 4 1/2%, until Sept. 2010.  We also have about 30K in a Savings Account. 

Therefore, with the above total funds,  and for supplemental income, we would like to consider some sort of Annuity.  We very much respect, and would appreciate your input concerning what type of annuity we should consider that will provide us with a cost of living increase.  If at all possible, we would like to be able to preserve the initial investment for our child, upon our death.  

ANY SUGGESTIONS, AND RECOMMENDATIONS?   


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BG
312 answers
56 helpful answers

What you think about you bring about!!!

Congratulations on being so financially responsible!!

However, annuities are tricky, tricky, tricky!!

Please go so Suze Orman's website (suzeorman.com) for some help with this...I understand that now there are even more annuity choices to make...this can be treacherous!!! but then I was never one who believed in them

HOWEVER.......if you are, then you MUST do your homework....go to your local library and check on books about investing...Ed Slott is one good author, and Ric Edelman is another.....you can also just go to their websites.......

As for your savings account, when you do finalize your plans for an annuity that you may find best suits you, I would not leave that $30K in the bank!! just determine how much you would need to live on, comfortably, for one year, and leave that amount in the bank; the rest would/could go in to your annuity....

I'm really curious; why the Sept. 2010 date cutoff for your CDs? just your own choice, or what?

PLEASE PLEASE do your homework.....as I said, and I am not the only one who feels this way, annuities are very tricky....if you cannot understand what it will do for you, don't buy it!!!

Good luck......I would really like to hear what you decide to do!!!!!

 

 

 
Posted 2009-09-28T15:25:10Z
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