The Life Insurance Move That Lets a Retiring 64-Year-Old Take the Higher Single-Life Pension and Still Leave His Spouse $720,000 Protected Quick Read – Robert chose the $4,800 single-life pension over the $3,900 joint-survivor option, redirecting the $900 difference to fund a…
20,000 life insurance policy for his wife. – Secure life insurance approval before making any pension election, since most pension choices are irrevocable once benefits begin. – Good health is essential for this strategy, as poor health makes affordable permanent life insurance difficult or impossible to obtain. – Many financial professionals are salespeople paid on what they push, not whether you end up wealthier. A fiduciary is the opposite
The SEC legally requires them to put your interests first. Advisor.com’s free matching tool pairs you with vetted fiduciaries from firms like Vanguard, Empower, and Edelman — in under three minutes. See who you match with today.
When Robert began preparing for retirement at age 64, he faced an important decision. Like many retirees with traditional defined-benefit pensions, Robert was presented with two options. He could elect a single-life annuity, which would provide the highest possible monthly income but would end when he died.