My husband and I have been thinking about turning our 401k/IRA money into annuities. But we are concerned about:
1. Outliving our money
2. Not having enough for “play money” for those cruises we want to take.
Our financial consultant recommended variable annuities. Since we don’t know much about them, we’ve been doing some searching. Miranda Marquit, over at Yielding Wealth, recently answered my question about the difference between fixed and variable annuities.
There is still lots more to learn. It’s my understanding that with a variable annuity you don’t have to “annuitize” (take out the money each month), but you can take out money when you want to.
We’re still exploring. I’ll keep you posted.
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