• Question
  • What type of annuities should I buy to provide for my wife after I gone.

    Asked by a 80 year old man from Meridian, MS on 8/16/2012

    What type of annuities should I buy to provide for my wife after I gone.

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  • Categories: How to Choose, Annuities

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • Annuities are actually an extremely complicated product with many different options that can be used to optimize the product for each individual.

    The best option is probably a fixed lifetime annuity. Variable annuities do not have the best reputation, so be wary if someone tries to recommend one to you.

    You will want to figure out her income needs without you. If her Social Security and other lifetime income sources like pensions do not cover her basic retirement expenses, then you will probably want to purchase lifetime income (with inflation protection) to cover the difference. You will probably also want to consider the potential costs of long term care and try to purchase enough income to cover that as well if it is needed.

    You can estimate the cost of monthly income here:
    --> https://www.newretirement.com/annuity-marketplace.aspx

    Or, you may also want to consult with a Financial Advisor. NewRetirement can arrange a free consultation with an advisor who may be able to better answer your questions about annuities: https://www.newretirement.com/free-retirement-consultation.aspx

  • Login to rate this answer:   Answered on 8/18/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.