Here's a link to an interesting article (Live Long and Prosper) in Sunday's Washington Post business section. It is about a longevity annuity that pays out at a certain (old age). It is cheaper than traditional annuities, because they are counting on you not living long enough to collect. But the advantage--for those of us worried about outliving our money--is that it can begin paying out at the age you anticipate running out of your savings. For instance, if you calculate that you have enough money to live until you are 80, you can have the annuity begin paying out at 80. It then pays till you die.
Marilynne
Monday, August 13, 2007
Longevity Annuity: A tool to insure that you don't outlast your money
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I was also intrigued by the Post article about longevity annuities. I would like to devote a future meeting to having someone come to the group to talk about various financial/insurance options.
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