Retirement planning for the laid off (CNN Money)

Question: I’m 57 and I think there’s a good chance I’ll be laid off this year. If that happens, I’ll have to move my 401(k) balance to an IRA. On the recommendation of a finance professional, many of my former co-workers have transferred their 401(k) savings into annuities. Do you think this is the way to go? — E.Z., Deer Park, N.Y.

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Retirement planning for the laid off (CNN Money)