This would be a good case for an annuity (immediate annuity).
Gives upside return of stock market returns
income can adjust for inflation
gives income protection/ guaranteed income for life
I think equity exposure is important. The OP has taken care of market risk to an extreme. But the trade off is clearly inflation risk, time risk, interest rate risk, and credit risk.
Risks cannot be avoided, they can be managed. principal risk (loss of principal) must be managed compared to time (risk of running out of money), inflation (risk money saved will not buy same amount of goods/services), interest rates (no guarantee 5% returns on bonds and money markets continues forever) and credit (no guarantee the US financial system can sustain itself).
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