Let's say a person living in the US who is very frugal, hates traveling, is an introvert homebody and has a house and car fully paid for wants to retire today at age 47. They had cancer and have other health issues and have knocked on death door too close. They have had enough with work sabotaging their freedom. This person wants to enjoy their life and spend their time taking care of their health with freedom to do what they want throughout the day with however many years they have left. They could live another 30 yrs or less. There are not enough hours in a day to do the things they love and also work. They want to retire asap.
If said person had 700k cash would they be off their rockers to buy an immediate pay annuity with 2% inflation included that would provide 3/month cash flow for rest of their life? Let's say this person's monthly living expenses (with health insurance included through ACA) is about $2,500/month and they would not get much in social security benefits as they lived overseas most of their years.
On scale of 1 to 10 how crazy would the above be to go annuity route to be able to retire early?
If said person had 700k cash would they be off their rockers to buy an immediate pay annuity with 2% inflation included that would provide 3/month cash flow for rest of their life? Let's say this person's monthly living expenses (with health insurance included through ACA) is about $2,500/month and they would not get much in social security benefits as they lived overseas most of their years.
On scale of 1 to 10 how crazy would the above be to go annuity route to be able to retire early?
Statistics: Posted by Tropical — Tue Jan 07, 2025 2:23 pm — Replies 2 — Views 128