How Long Will Your Money Last?

Article submitted by Val Vogel of Burns, Vogel & Associates.
For more information, he can be at 504-465-8557.

Consider the following demographic information:

There are over 35 million people over age 65, and likely to be over 70 million by the year 2030.
About one in every eight Americans is 65 or older.
Life expectancy for someone 65 ranges from 17 years for a male, smoker, to 23 years for a female, nonsmoker.
There are well over twice the number of ladies age 85 as men.
Among older citizens, there are four times as many widows as widowers.

Consider this excerpt from a Life Expectancy Table:

Issue Age	Male Nonsmoker	Male Smoker	Female Nonsmoker	Female Smoker
55	26	22	30	26
60	22	19	26	23
62	21	18	26	22
65	19	17	23	20
67	18	16	21	19
69	16	15	20	17
71	13	11	16	14
75	10	9	14	11
78	9	8	12	10

Having a secure income, one you cannot outlive, may be contractually guaranteed.

A retirement annuity provides a dependable form of financial security to escort you into the twilight years of your life. For anyone who fears that their poor spending habits will cause them to plow through their savings over a relatively short timeframe, a retirement annuity offers the option of spreading the annuity distribution out over the course of a specified timeframe or to receive a lump sum payment. When thought of in this manner, a retirement annuity is not too different from a pension.

With an immediate annuity, your income payments start right away (technically, anytime within 12 months of purchase). You choose whether you want income guaranteed for a specific number of years or for your lifetime. The insurance company calculates the amount of each income payment based on your purchase amount and your life expectancy.

For more information on income options and planning strategies call your professional advisor.