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.