How can I turn my 401(k) into income?

One of our listeners asked, “Joe, I have a 401(k) with my job that I’ve worked at for 25 years. This is the only money I have, besides our home. I want to know…how do I get income from my 401(k)?”

I mean, this is a basic question. I'm watching all these financial shows, because I'm trying to stay up to date on everything that's going on out there with the market. Some of these stocks are tumbling.

People just want to know, how am I going to turn this 401(k) that's dropping like a rock into income? 

A recent study found that the average 401(k) dropped by more than 25% in less than one year!

If you have a 401(k) put a percentage of it into SAFETY.

Now it sounds so easy for me to say, right? But I will show you how to do this. When you come in my office. We sit down and we see what you have. 

A lot of people bring in their statements and they say, “Joe, here's my statement.” Then most people ask me, "Do I have enough money?” or “Am I safe enough?”

And usually the answer to both of those questions is…No! Because you can't have enough money today with the price of everything. It's so expensive.

But you’ve got to stop what you're currently doing and ask yourself, “Do I want to lose another 25% this year?”

All I can tell you is that you’ve got to stop the bleeding. You’ve got to get it frozen. I mean, freeze the amount and get out of the stock market.

Get into something that's going to stop the bleeding and something that’s going to provide you with an income stream, either for a number of years, or for the rest of your life and an annuity is well suited to do that for you.

To talk further about your 401(k) and learn about safer options to stop the bleeding. Call Jupiter Joe at 561-743-0999 for a free 45 minute consultation.

*Blog Disclosure: It's not the purpose of this blog post to provide tax, legal and/or financial advice and you should always seek counsel from your CPA, attorney, and/or advisors as these topics relate to your specific needs. This information is being presented in a very general way and it's for illustrative purposes only.