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Personal Finance and Investing

PoindexterOglethorpe

(26,730 posts)

25. So true, about annuities often being trashed here on DU.

Reply to A HERETIC I AM (Reply #14)

Sat Dec 17, 2022, 01:17 AM

Dec 2022

I happen to have two, that my investment advisor got me into some years ago. They give me a set income, along with my small pension, SS, and what I take from my investments.

Another bit of standard advice that makes me crazy is that you absolutely must have your mortgage paid off before you retire. Well, what if like me, you get divorced at age 60, move to another part of the country, and want to buy a house? And don't have enough money to pay in cash? Rent instead? I don't think so.

I'm currently 74, and I've been paying extra on my mortgage for the past three or so years. It will be paid off somewhat early. Meanwhile, I have the security of owning my own home. It is simply not that terrible to have a mortgage in retirement.

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25 replies

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Question about collecting a pension or taking a lump sum [View all] bif Dec 2022 OP

This message was self-deleted by its author snowybirdie Dec 2022 #1

You can get snowybirdie Dec 2022 #2

KYN--Kayne Anderson is paying over 9% bif Dec 2022 #7

How much of that KYN 9% includes return of principal? It doesn't look so great at Morningstar progree Dec 2022 #11

I faced the same decision. My company offered an enhanced rate on the annuity, noticeably better MLAA Dec 2022 #3

She worked for a bank ages ago. bif Dec 2022 #8

Do you have to pay multigraincracker Dec 2022 #4

how is her health? lapfog_1 Dec 2022 #5

She's very healthy! bif Dec 2022 #10

Is there a Cost Of Living adjustment on the pension? Is the pension fund reliable over the long term Midnight Writer Dec 2022 #6

No COLA bif Dec 2022 #9

I had one of those small pensions and I cashed it in for the lump sum yellowdogintexas Dec 2022 #12

I cashed in mine for about 20k and... bif Dec 2022 #13

I would absolutely consider an annuity. A HERETIC I AM Dec 2022 #14

I already have an annuity bif Dec 2022 #16

Nothing stopping you from having more than one! LOL.... A HERETIC I AM Dec 2022 #17

Thanks. bif Dec 2022 #18

I am frequently astonished at the trashing of annuities here on DU. PoindexterOglethorpe Dec 2022 #22

My annuity has lost 23.3% in purchasing power in the last 6 years, due to inflation progree Dec 2022 #23

What I appreciate is the rock-solid dependability of the annuities. PoindexterOglethorpe Dec 2022 #24

So true, about annuities often being trashed here on DU. PoindexterOglethorpe Dec 2022 #25

I was offered a buyout at 62 for $104k, so far I have doc03 Dec 2022 #15

If she lives 20 more years and gets $290/month, that's a 6.148% annual average return progree Dec 2022 #19

How well is the pension fund managed? Is it underfunded? Pobeka Dec 2022 #20

After talking to our broker bif Dec 2022 #21