As millions of American move swiftly into their senior years, their focus turns to their financial condition and how to continue to live out their remaining years in relatively the same lifestyle as that to which they have previously enjoyed. This situation is compounded by the fact that, as a nation, we are living longer than earlier generations. Better healthcare and nutrition have extended most of our lives by years–if not decades. According to a study cited by USA Today in 2014, the average remaining lifespan for a U.S. citizen who was 65 years of age in 2012 is another 19.3 years. In many cases, Social Security alone will not provide enough annual income for a married senior couple to live on in the future.
One of the financial instruments that many people use to supply life-long retirement income is called an annuity. In combination with other savings vehicles, annuities help form the foundation for a well balanced, long-term financial plan. Read More