The idea of spending some of your assets on a premium for an insurance product that does not start to pay you back until age 85 or so seems impractical. That is longevity insurance. It could, though, possibly allow you a little more spending per month in retirement.
That is because there is an aspect of longevity insurance that just may be worth considering for some retirees. Instead of a portfolio that you are trying to make last for 30+ years, then maybe, with longevity insurance, you would only need for the remaining portfolio to last 20 years. Hmmmmm...
Based on an article in Financial Advisor magazine (November 2011) that is what Bennett Kleinberg, a senior actuary for MetLife, suggests.
An Introduction
Hi. Welcome to BourGroup and my blog. Phil
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.