2073: What is Longevity Insurance? by Jeff Rose

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🗓️ 22 October 2022

⏱️ 11 minutes

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Summary

Jeff Rose talks about longevity insurance Episode 2073: What is Longevity Insurance? by Jeff Rose Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur. The original post is located here: https://www.goodfinancialcents.com/longevity-insurance/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:59.4	This is Optimal Finance Daily episode 2073. What is longevity insurance by Jeff Rose of Good
1:07.4	FinancialSense.com and I'm your host and personal finance enthusiast Diana Miriam. We're going to get
1:14.4	right to today's post as we optimize your life. What is longevity insurance by Jeff Rose of Good
1:25.4	FinancialSense.com. These days Americans are living longer than ever. While this is generally a good
1:33.4	thing, it's a real problem for retirement planning. You'll need to stretch your savings over a longer
1:39.4	period of time which can be very hard to budget. To make matters worse, very few workers have access
1:45.4	to pensions or other plans that offer guaranteed payments for life. To make sure they don't run out of money,
1:51.4	many Americans are turning to longevity insurance. What is longevity insurance? longevity insurance
1:59.4	is a way to make sure you always have some income during retirement. It's insurance that protects you
2:05.4	against living too long and running out of money. To buy this type of insurance, you need to
2:10.4	deposit one lump sum payment with an insurance company. Then once you reach a certain age, you'll
2:16.4	start receiving monthly payments from your insurance for the rest of your life. It doesn't matter
2:21.4	how long you live, you'll keep receiving your monthly payments. If you die before reaching your
2:27.4	payout age though, you won't receive any money unless you add a life insurance rider which will
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