How long will you live? While the average life expectancy in the US may be about 78 years, new data from the 2010 census is revealing that more and more Americans are living past age 90. In the past 30 years, the number of Americans 90+ has more than tripled to almost two million. And most never thought they’d make it that far. Most nonagenarians live on under $15,000 a year, having long outlived their assets.
As life expectancy increases, your retirement planning needs to adapt. Even with the best planning, savings don’t last forever. However, with certain types of annuities, you can be assured a steady income source no matter how long you live. For instance, when you choose a Single Premium Immediate Annuity (SPIA) through Erie Family Life, you can choose the length of your payments, including a lifetime term. Even if you live until 100 or longer,you’re guaranteed to keep receiving payments.
Give us a call and let’s discuss annuities and other Erie Insurance products.