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Originally Posted by Elgin526
When would an anuity be a good idea? I come from a long line of VERY long lived women (90+ in near perfect health) and my biggest concern is outliving my money. I only have 401k's and IRA's to fund my retirement, no pensions. While I intend to retire with enough money to see me through, you just never know. Is an anuity a good option as a part of a larger, well balanced portfolio? And is it better to wait until you're close to retirement to get one, or should you get one earlier?
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That is a good question. I think for me if I saw that my money wasn't going to last as long as I expected and was in good health, I would be looking for a annuity to help stretch the dollars I had left. So I think it would be sometime after retirement and even into the later years of retirement. That is my gut feeling about it.
It is true that they serve a purpose, this would be an example of one of them.