My Financial Advisor Wants Me to Buy an Annuity—Is That a Good Idea?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 29 April 2026

⏱️ 5 minutes

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0:00.0	This episode is brought to you by SmartVestor.
0:07.8	Connect with an investing pro near you at Ramsey Solutions.com slash SmartVester.
0:13.5	All right, let's go to Bill in Detroit, Michigan.
0:17.3	Bill, how can we help?
0:18.7	Hey, how are you doing, Ken?
0:19.7	Rachel, thanks for taking my call.
0:21.5	Absolutely. What's going on?
0:23.8	I have about 850,000 in my 401k and my other other investments.
0:32.2	And my advisors wanted me to, I don't know if that's good or not, I'm 62. I want to retire in a
0:37.7	couple years and my advisor is wanting me to invest in an annuity. Is that something I should
0:43.9	think about? No. No. Nope. Your advisor probably does because they make a lot of money off
0:49.7	of annuities. Not saying that he's a bad guy but yeah no new it yes yeah um not a great product
0:57.1	I mean there's very variable and fixed variable there's certain times that maybe but that's after
1:03.5	everything is maxed out and you have no other options for retirement because you have so much
1:07.6	and everything else and maybe you want to do a little thing over here but no the the short answer is no I wouldn't I think you have so much and everything else and maybe you want to do a little thing over here.
1:13.4	But no, the short answer is, no, I wouldn't.
1:16.1	I think you have it in a good spot.
1:18.2	Are they in mutual funds within the 401K?
1:22.8	Well, I don't think, I think I got, I got the taxes on all that stuff, I'm sure.
1:26.9	I think it's in a, I got a mutual fund in a bank. I've got a couple different styles, I guess,
1:30.0	and the ones are just through work. It's a 401k regular work, 401k where they match and stuff
1:36.4	like that. Yeah. Yeah. Okay, yeah. Well, I would, yeah, just to look in, because retirement is
	...

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