Dad just turned 70 and continues to work (he enjoys his work and is well compensated – 200k). His current nest egg is 1M (500 401k and 500 in bonds). He is planning to withdraw and dump 500k into a fixed deferred annuity. Makes no sense to me with regards as to how this provides benefit to him? He is fixated on the guaranteed monthly payments at maturation. Sounds like a crock of shit to me.
Can I have some alternative suggestions as to how to best support him through retirement?
Other info: no debts, home payed off. HYCoL area so much of SS will get eaten up by property tax.
