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How Long Will Your Money Last?Article submitted by Val Vogel of Burns, Vogel & Associates. Consider the following demographic information:
Consider this excerpt from a Life Expectancy Table:
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. |
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