There are two often overlooked ways to guarantee yourself a lifetime stream of income after your retirement. The first is an Immediate Payout Annuity. Typically, a minimum $100,000 investment is required. Be sure to opt for a “period certain” to receive a guaranteed payout of up to 20 years, even in the event of your death. The overall monthly benefit may drop approximately 10% but at least a “period certain” will provide some security to your heirs. A second type of annuity is longevity insurance. This simple annuity product doesn’t start paying you a living benefit until you reach age 85, at which time you will receive a monthly check for as long as you live. Insurers know that most insureds won’t live to receive any money. However, if you make it to age 85, you can count on a nice monthly check.
Read the full article here:
2 ways to guarantee yourself a lifetime stream of income