So my mom is trying to retire soon, as she is 58. She currently doesn’t have a lot of money for retirement (about 100,000 dollars), but makes 250,000 a year and loves her job (which isn’t demanding on her body).
She is just now starting to save more, but doesn’t know if she should go with a self-401k (as she is self employed), or open an annuity with thrivant.
I have 0 clue as to what the best option is, so i REALLY need some help deciding on this. What makes the most sense for someone who is in her shoes?? Should she just aggressively max everything out? or should she go with the annuity?
Your mom’s situation isn’t just about choosing between a self-401(k) or an annuity; it’s a glaring wake-up call about her financial habits. Earning $250k a year and only having $100k saved by the age of 58 is a clear sign of living way beyond one’s means. It’s crucial she confronts the reality of her spending and saving patterns.
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