What is an ANNUITY?
An annuity is a contract from an insurance company that offers to pay income to you at regular intervals, for a period of time you specify, all in exchange for your contribution (premium). These contracts may contain other features as well.
Why buy the ELM INCOME ANNUITY?
This contract, issued by Principal Life Insurance Company, is for your consideration…
Why buy the ELM INDEX ANNUITY?
This contract is for your consideration if you are not yet ready to turn your assets…
Longevity — How Long
to Plan for Retirement Income
Let’s say you are 62 years of age and you have a spouse of the same age. How long should you plan for providing retirement income to the both of you? The data shows that if a female is healthy at age 62, she has a 50% of living to age 88. If a married couple is in good health at age 62, there’s a 50% probability that one of them will live to age 92. There is a 25% chance that one will live to age 97.
Of course, you should take into account your medical condition, your likelihood of a long life, and your desire for financial independence throughout retirement. Every retiree will have to make their own judgment on how long their retirement income should last. Remember, however, to factor in the impact of continued medical advances.