Can I put my 401k into an annuity?
In some cases, moving your retirement savings from a 401(k) plan to an annuity is an excellent idea, particularly if you're concerned about running out of money in retirement. As noted, an annuity's regular income stream can help you have money coming into your household for as long as you're alive.
What is the downside of an annuity?
The main drawbacks are the long-term contract, loss of control over your investment, low or no interest earned, and high fees. There are also fewer liquidity options with annuities, and you must wait until age 59.5 to withdraw any money from the annuity without penalty.
Who should not invest in annuities?
You should not buy an annuity if Social Security or pension benefits cover all of your regular expenses, you're in below average health, or you are seeking high risk in your investments.
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[PDF] Buying a Pension Annuity - Legal and General
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[PDF] Variable Annuities: What You Should Know - SECgov
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[PDF] Consumer's Guide to Understanding Annuities
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[PDF] A guide to annuities - Challenger
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[PDF] Pension Annuities: A review of consumer behaviour
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