Q: I am five years away from retiring. My husband retired at age 48 in 2000 with $300,000 in his 401(k). He went to a financial planner and set up an annuity. The way it was written, he couldn’t change the dollar amount he was allotted. Needless to say, his money ran out this year.
I have 30 percent of my income invested in the Thrift Savings Plan, all in the G Fund, hopefully not making the same mistake with the stock market. Should I go to a financial planner to have a monthly annuity made up? I don’t want to run out of money in 10 years.
A: While a financial planner may be able to help you decide whether an annuity is right for you, you should use the MetLife annuity available through the TSP as your benchmark.
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Hi Mike! My mom received a pension that she had turned into an anniuity through Metlife. She did it this way because she did not want to worry about being taxed or paying taxes. The problem is, she is having a difficult time communicating with Metlife. She has called and called, and they claim they sent out her paper work when in fact they haven’t. What other routes can she take to expedite this because she is so fed up she wants to take all of her money out. Is there anybody we can contact besides Metlife?
Thanks.