How Retirees Can Avoid Running Out of Money: The Role of Longevity Annuities

What retirees need is a type of insurance policy in which those who die earlier help fund payments to those who die later. In fact, this type of policy now exists. It is called a "longevity annuity," but that is a misnomer because it is actually an insurance policy. It insures against the risk of impoverishment from living too long. The best way to understand how a longevity annuity works is to compare it to a standard annuity...
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