Dancing Annuities
When you read the literature, on the list of the dumbest mistakes (sorry…that’s how it’s labelled) people make when buying an annuity is putting too much of their cash into the transaction. The monthly payment is great until someone in your family needs expensive surgery and medical insurance only covers a small percentage of the total cost.
It happens all the time. People go bankrupt due to medical bills every day. Because you put all of your cash into the annuity, the question becomes one of how to raise enough cash to pay the hospital the lump sum they are demanding.
Using all of your savings to buy an annuity may have been a serious misstep, but you can start dancing when you discover it’s possible to get cash for an annuity. By selling all or part of your annuity payments, you can get cash for your emergency expenses.
And if you don’t use all of the cash, please keep dancing by putting the balance in your savings account! One misstep is enough.
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There is a good website, http://www.longevityannuities.com that gives the benefits of longevity annuities. They seem like a good option for a small percentage of your nest egg as a means to fight inflation and maintain future income. What are your thoughts.
Comment by Mike — September 8, 2008 @ 10:52 am
We do not endorse any third party products or offers. We do encourage our readers to research and explore any and all options that would best serve their financial needs and goals.
Comment by Administrator — September 9, 2008 @ 9:38 am