Living a Lot Longer

Physician's Money DigestNov30 2004
Volume 11
Issue 22

If you plan to quit your medicalpractice when you turn age 65, how longcan you expect to live in retirement?Your life expectancy at that age is about20 years, but there's a 50/50 chancethat you'll live well into your 90s. Witha monthly check from a traditional pensionbecoming an endangered species,the task of ensuring you don't outliveyour money gets even harder. Oneanswer is an annuity. Although someannuities have gotten bad press becauseof high fees and lofty expense ratios, animmediate fixed annuity doesn't have tobe expensive and it can buy you anincome stream that will last the rest ofyour life. A 65-year-old man who puts$100,000 into an immediate annuitywill get a check for about $630 everymonth for as long as he lives. Somefinancial experts suggest annuitizing asmuch as 25% to 50% of your retirementassets to guarantee lifelong income.Visit for more information.

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