Living long means paying more, of course that is true. But what is daunting is the fact that after retirement, your pension and / or retirement plans might not be enough and you would be reduced to living with only powdered milk and canned spaghetti for the rest of your life and not be able to drive around due to your inability to pay gas for the car.
If you’ve branded me as pessimistic judging by the those first sentences of this blog, chances are you are nowhere near forty-five, probably still thinking of other things and other places besides death and your death bed (okay, that is a little morbid).This is because the ages between forty-five and fifty are the ages when a new vocabulary and idea is given premium in your mind: RETIREMENT. And you will have to face the fact that your retirement privileges and / or benefits will simply not last you a long time – especially if you do live a long time. So then, another word and idea comes up: ANNUITY (which, for the information of the unitiated, is a series of equal payments occurring at equally spaced intervals).
Since the idea of those two previously mentioned words (which I have generously put up in caps lock for emphasis) have only recently come to my attention. I only have minimal information on them, especially in choosing the best annuity. What I do know is that it is not wise to pay more than $100,000 on a single annuity purchase, and that the it is best to sign up for multiple annuities.