Like many people, I wouldn’t mind living to 100 – as long as I could have two wishes. My first would be that my health, both physical and mental, stays reasonably good. My second would be that my money lasts as long as I do, so I can continue to enjoy the lifestyle to which I’m accustomed.
Unless you’re a multi-millionaire or win the lottery, there is really only one way to ensure that you will have enough income to live comfortably for as long as you’re around. That is to use some of your savings to purchase a life annuity.
Annuities may seem complex at first, coming with all sorts of bells and whistles. But when you strip it down, a life annuity is simply a contract between you and a life insurance company under which you invest a sum of money and they agree to pay you regular income for as long as you live.
When shopping for an annuity, you’ll need to keep your wits about you. Like most insurance products, they tend to be much more complicated than necessary, and apples-to-apples comparisons between companies can be difficult. There are three basic types of life annuities: single male, single female and joint. The latter continues to make payments until the death of the last surviving spouse.
Call me at 813-964-7100 for a quick review of your portfolio or to set up a retirement plan with income for life.
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