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Last year I finally got around to getting a fee-based financial advisor. At age 57, with vague intentions of retiring at 62, maybe. In general I am in good shape financially, but still mostly in stock index funds.

To reduce my market risk, he suggests taking (2/3rds) out of my 401k. Via some one-time withdrawal deal into another tax-sheltered account. This account would be a "variable and index-linked deferred annuity contract".

This is an account would make up up to 15% of any stock market loss over 6 years, in return for any gain over 60% going to them. Or numbers in that range.

Is this sort of thing a legitimate retirement planning tool? Or have I stumbled into a dubious setup?

(I used to post to the Fool years ago but have been gone for a decade, mostly.)
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