How NOT to Run Out of Money in Retirement

(Carla Fried, CBS Money Watch)

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"So it turns out Baby Boomers are right to fear running out of money in retirement more than death. The Employee Benefit Research Institute released a new study this week showing that an alarming percentage of future retirees will in fact be at risk of running out of money. That got me thinking about why there’s not more attention being focused on a strategy that guarantees you will not run out of money in retirement.

Longevity Insurance: Protection from Retirement Poverty Fears

I am talking about longevity insurance. This is a deferred annuity with a very long deferral between when you purchase the policy and when it starts to pay out. The idea is that at around age 65 you purchase a policy that will only start to make monthly payments to you far down the line; age 85 is a typical start date for payments."

Read more at CBS Money Watch

Video: Scott Drake interviews Carla Fried