If you have a full-time job with a major employer in Quincy, you most likely have a retirement plan of some type in place. When you signed up for the retirement plan, you chose the type of investments you wanted for the plan. Some people like stocks and others like bonds. In any event, the market fluctuations can cause your fund to lose money in a heartbeat.
When you retire, do you want to know that your essential bills will be covered? And by essential bills, I mean food, housing, clothing, health insurance, utilities, etc. Take some time to think about what those costs are for you each month. If your 401k investments didn’t perform as expected, would you be able to cover those essential expenses?
The market can be risky and social security is not guaranteed. You many want to consider funding an annuity that will pay you a set income for the rest of your life to cover necessary expenses. Annuities typically pay a guaranteed interest rate over time, and you can decide when you want the annuity to start paying you.
Check with your financial advisor or insurance agent to see how you might structure an annuity that works for you. It is a safe way to fund necessary expenses you might incur after retirement. And, you can use your 401k funds for other expenses.