Working with a new financial advisor. Trying to establish a fixed income going forward in retirement. I am fortunate to have a pension from work and counting on Social Security. The FA is recommending taking a piece of my 401K and getting an annuity. Load a 7 year deferral into the payout, then get a guaranteed amount annually with full survivorship of both me and my wife. Now - for the 7 years, the annual could fluctuate based on the market - but between the worst case model and the past 20 year model, there is only about a $3,000 annual difference.
Have any of you given thought to an annuity? Interested in other opinions...the good, the bad and the ugly. The wife and I are not risk takers so the thought of an annual amount for life is interesting.
Thanks, Steve