There are many of ‘finance professionals’ who see annuities as the mode of defining almost every retirement planning situation. So it’s not surprising that many of old or former colleagues who ended up owning annuities as finical help.
Do you have enough money to retire? Well, according to a recent study, there is need over $1.2 million if you plan to retire with an income of $60,000 a year. Unfortunately, the Congressional Budget Office estimates that stock market turmoil has wiped out more than $2 trillion of Americans' retirement savings over the last 15 months.
There can’t be discerning regarding other people's motivations. So it’s really difficult to say whether the advisers who are addicted to fast to flog annuities genuinely believe in having the good choice or whether annuities of generous sales commissions are a major factor or whether something else makes them so eager to recommend annuities. But there should always be patience to follow your former co-workers' example.
For beginners, although giving out your savings out of your ex employer's schemes is nearly about 401(k) into an IRA condition in the wake of a layoff or job switch is often the right move, it's not the only way to go. There are other options that may be consider depending on your particular circumstances and even if you should decide that rolling your 401(k) into an IRA is the right thing to do, it doesn't necessarily follow that an annuity is the appropriate investment for your IRA stash.
