I have come to the relative end of my company retirement fund . I would have had plenty if not for my son's tuition bills ($120,000) which I foolishly paid before they could be expunged.
In any event, I have approximately $62,500 left in my account which I draw $1835 from every month. TIAA has made me an offer to convert this into lifelong income. I am 76 and my wife is 73. My wife is in decent health although she is grossly overweight. I am somewhat overweight and have diabetes (under control) and a lot of aches and pains, but consider myself to be relatively healthy.
So the deal is to continue taking my monthly withdrawal for approximately three more years or convert it to about $400 a month for as long as one of us is alive. Does one of these options make more sense than the other? Thanks in advance for any help you can provide me.
In any event, I have approximately $62,500 left in my account which I draw $1835 from every month. TIAA has made me an offer to convert this into lifelong income. I am 76 and my wife is 73. My wife is in decent health although she is grossly overweight. I am somewhat overweight and have diabetes (under control) and a lot of aches and pains, but consider myself to be relatively healthy.
So the deal is to continue taking my monthly withdrawal for approximately three more years or convert it to about $400 a month for as long as one of us is alive. Does one of these options make more sense than the other? Thanks in advance for any help you can provide me.
Statistics: Posted by Ronman189 — Tue Dec 31, 2024 12:15 pm — Replies 2 — Views 135