Longevity annuities guarantee retirement income won't run out

09/18/2013 | Bloomberg

A relatively new product, the longevity annuity, may be an efficient tool for pre-retirees who want to be certain their income doesn't run out before they die. Frank Jaffe, a certified planner at Access Wealth Planning, says a person age 65 can invest $50,000 in a longevity annuity today and start getting $22,000 a year at age 85. "That's a relatively small sum to effectively create a late-life pension," he says.

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