I am over 45. What are some of the better retirement funds to put my money into at this time? Or would an annuity be better?

It all depends. Are you employed? Or self-employed? Does your employer offer a 401(k)? Do you have an IRA? Have you maxed out your investments in them? What amount of savings do you have, and in what investments? Do have life insurance needs?

Obviously this is a very big topic, which may be best answered by a financial planner who can sit with you and go over these things and put together a comprehensive plan for you. But if you give us some specifics we can probably give you some broad-brush pointers to get you started. For most people the first place to look for your retirement savings is your 401(k), followed by an IRA. Personally I don't like annuities - especially variable annuities - although the one-time payment type can give you some nice stability in your retirement years. If you have maxedout the 401(k) and IRA and still have more cash to invest, in general I would go with low-cost tax-efficeint investments such as certain funds or individual investments in stocks and/or bonds.

My company doesn't offer 401's and I don't have an IRA. I am employed and have saved some money to put into some sort of fund..

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Originally Posted by gskpbond

I am over 45. What are some of the better retirement funds to put my money into at this time? Or would an annuity be better?

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Why not do both? I can't recommend a fund, but I will recommend Edward Jones (I'm not an employee or related in any way): Edward Jones: Making Sense of Investing
And I am a fan of fixed annuities. Check this: Learn about Equity Indexed Annuities, Fixed Annuities & Variable Annuities Here at AmericanAnnuityAdvocates.com
My personal preference is a self directed IRA with a discount brokerage such as Ameritrade or Etrade, where you take total responsibility for the health of your investments.

Start with an IRA. Since your company does not offer a 401(k), you can invest in a traditional IRA with pre-tax money. Many of the large investment houses offer no-fee IRAs with minimal initial investment. Check out the retirement planning tools at Fidelity or Vanguard:

Fidelity Investments
https://personal.vanguard.com/us/pla...ion/retirement

My wife and I make over $160,000 a year.. will an IRA affect us?

My personal preference is a Roth IRA; it is funded "after taxes", and growth is income tax free going forward. Investments into a Roth IRA are not tax deductible; whether to establish a regular IRA or Roth IRA is a matter of personal choice.

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Originally Posted by gskpbond

My wife and I make over $160,000 a year..will an IRA affect us?

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Are you covered by a retirement plan at work? If yes, then you cannot deduct your IRA contributions if your adjusted gross income (AGI) is greater than $103K. If not, then your contributions to a traditional IRA are deductible. Alternatively, you are eligible for a Roth IRA if your AGI is less than $159K. Contributions to a Roth IRA are not deductible, but withdrawals are tax-free, so this is a good choice if either you don't qualify for the tax-deductible traditional IRA or if you think you'll be in a lower tax bracket when you retire.