u/Happyretired3081

I bought a whole life insurance back in my 20s because my friends husband was
Selling it and I was a diagnosed diabetic and at that time a smoker. I was single and living on my own.. Fast forward almost 30 years and low premiums for a 100K policy.. I am divorced with a house and significant investments and was laid off this year so I am retiring at 57.. if I take the cash balance - it is about 50k and that would cover my healthcare premiums for about 4 years. Is there any reason to keep a policy anymore.
My 18 year old son will have plenty of funds if I were to pass and I don’t really plan on leaving too much for legacy- I want to enjoy my retirement while I am still young and healthy.
Thoughts on keeping of giving up the policy?

I was planning on retiring in 4 years when I hit 591/2. However, after 36 years with my company I found myself let go in March at age 56. I consistently saved and lived within/below my means and 3 years ago I got divorced so I had not diversified as I should have.
I am working with a fiduciary to take advantage of the rule of 55 and change my investments and makeup to provide myself with a better and stable income.
This is what I currently have and the proposal of my FA ( I like/need to have a number to work with to feel stable and secure)
Current
1.78m in 401k ( trad)
2k Roth 401k- hadn’t started conversion before being laid off
190k in lumpsum pension
36k brokerage MM
25k cd 4.%
10k in savings
231k mtg - $2400 monthly
No other debt-(car/credit cards/etc)

Having constant monthly income is important to me so my FA has recommended the following:
Leave 500k in 401k for income for the next 4
Years ( I want about 8k a month to
Live and travel)
Take 800k put towards an IRA at Charles
The 190k and the rest of the funds to an annuities with guaranteed income and benefits payments
( my company pension dies with me with no death benefits)
Also convert my existing life insurance to another one doubling the payout for the same monthly payment)
I don’t want to play the game of worrying about market conditions- I saved all this and now I want someone else to protect it and grow it for me so I don’t have to go back to full time work.
Other than my mtg and utilities-
The only other expense for me is the cost
Of health care ( probably $1200
Months)
Does this plan cover me from a diversification perspective?
Anything I am missing?

I was planning on retiring in 4 years when I hit 591/2. However, after 36 years with my company I found myself let go in March at age 56. I consistently saved and lived within/below my means and 3 years ago I got divorced so I had not diversified as I should have.
I am working with a fiduciary to take advantage of the rule of 55 and change my investments and makeup to provide myself with a better and stable income.
This is what I currently have and the proposal of my FA ( I like/need to have a number to work with to feel stable and secure)
Current
1.78m in 401k ( trad)
2k Roth 401k- hadn’t started conversion before being laid off
190k in lumpsum pension
36k brokerage MM
25k cd 4.%
10k in savings
231k mtg - $2400 monthly
No other debt-(car/credit cards/etc)

Having constant monthly income is important to me so my FA has recommended the following:
Leave 500k in 401k for income for the next 4
Years ( I want about 8k a month to
Live and travel)
Take 800k put towards an IRA at Charles
The 190k and the rest of the funds to an annuities with guaranteed income and benefits payments
( my company pension dies with me with no death benefits)
Also convert my existing life insurance to another one doubling the payout for the same monthly payment)
I don’t want to play the game of worrying about market conditions- I saved all this and now I want someone else to protect it and grow it for me so I don’t have to go back to full time work.
Other than my mtg and utilities-
The only other expense for me is the cost
Of health care ( probably $1200
Months)
Does this plan cover me from a diversification perspective?
Anything I am missing?