On today's episode of Ready for Retirement, we're going to explore whether it makes sense for Jason and his wife to purchase an annuity as they prepare to retire.

And more than just retire, they're ready to embark on a full-time slow travel adventure.

And they're really looking for guidance to navigate some of those options in front of them.

They have a pension, 401k, property sales, social security, all these different things that they're contemplating,

and they're resting with a decision between securing a steady income through an annuity

or investing in a more standard portfolio for better long-term growth potential.

We're going to help Jason with this question as we jump into today's episode.

This is another episode of Ready for Retirement. I'm your host, James Cannell,

and I'm here to teach you how to get the most of the life with your money. And now, on to the

episode. So Jason submitted a question, and his question says the following. James, thank you

for the podcast. I love your balance between the financial aspect of retirement and the personal search for meaning in retirement. I have learned so much. In six years, my wife and I plan to retire to a life of full-time slow travel.

We're excited to learn about new cultures and explore a different way of life, a life of less stuff, and more experiences.

As far as money goes, our sources of income and retirement will be the following. Number one,

my pension, which is $4,000 per month pre-tax with a 3% cost of living adjustment. Number two,

my wife's 401k, which we hope will be approximately $500,000 in six years. Number three, money from

the sale of our house and art gallery, which should give us another $500,000,

because the mortgage is already paid off.

In number four, we plan to delay Social Security until age 70, and we should each receive

at least $2,000 per month each.

We estimate that our expenses for full-time slow travel will be no more than $7,500 per

month pre-tax.

This includes the cost of travel, health insurance, and all other

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