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Purchasing a longevity annuity is like purchasing a homeowner's or well being insurance coverage policy having a extremely big deductible. You are insuring your self against a catastrophic danger you cannot deal with by yourself – within this case, operating out of cash late in life – whilst holding your premium to a minimum.

To get a common retiree, placing 10% to 15% of retirement savings into a longevity annuity offers roughly exactly the same spending energy as devoting 50% to 60% of savings to an instant annuity, based on a paper by Jason S. Scott, retirement study director for Monetary Engines of Palo Alto, Calif.

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