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December 01, 2010 at 07:00 PM
Retirement-age clients are increasingly interested in just one thing: making sure they don’t outlive their income. This is the last of a series of articles presenting helpful information on providing just that with a do-it-yourself pension–better known as an income annuity.
It’s called the “advanced-life delayed annuity,” and you’re sure to get plenty of questions about it in the coming years from clients who will have heard it called by its more familiar name — longevity insurance.
With 40 percent of American women living to age 95 — and 85 percent of American men making it to age 85 — it’s little wonder that retirees are having second thoughts about taking that trip to Disneyland with their grandkids or moving forward on their kitchen renovation project. Why? Because many find themselves worrying that they might need that money for daily living expenses another 20 years from now.
But there’s absolutely no reason for retirees to put their dreams on hold. As more and more of your clients hear about longevity insurance, more clients may ask, “Why the buzz?”
Longevity insurance is a way for your clients to stop worrying about making their money last through a long retirement and start scheduling guaranteed income to begin later in life, for just a fraction of their nest egg.
How longevity insurance works
