Ever wonder if there was a way to guarantee that you don't outlive your income?
One easy way is to buy an annuity. Annuities are basically like a CD, but with an insurance company. They are extremely safe, but usually pay a modest return in interest. There are exceptions to this, but you would need to talk to an expert to separate the best annuities from the worst.
In any event, when it comes to planning an annuity that will guarantee a stream of income for your entire life, and even for joint lives, you need to have an idea of how much income you want to have (don't forget inflation) and how much you would have to invest to achieve that income.
Guarantee Income Life Insurance Company has an interesting annuity calculator that can show you exactly what it would take based on your current age(s). Just take a look HERE and try it out.
There may be more attractive ways to handle a guaranteed lifetime income, but the site offers an opportunity to play with some figures.
