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Reply to "ISO recs for a financial advisor who can help an elderly parent decide whether to convert TSP balance to an annuity"
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[quote=Anonymous]My 80-year-old parent is weighing whether to convert part of their TSP balance to a lifetime annuity. The annuity option has become more favorable as interest rates have risen. As I do the math, I think there is a lot of upside to doing this, including a boost in guaranteed income and a solid hedge against the parent outliving their money. Some downsides, too -- like inflation eroding the value of the monthly payments over time. I know there are some things I haven't thought through, like how, if it all, this would affect parent's eventual (potential) eligiblity for Medicaid should their health decline and their savings run out. I'd like to suggest that they run the numbers with a reputable financial advisor, as a one-time thing, not for ongoing money management. Can anyone recommend an appropriate fee-only advisor, ideally in Maryland, who might take on a small matter like this?[/quote]
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