Thanks ladelfina. Interesting. More companies are adjusting their services to accommodate retirees. And Products to at least attempt to mimic certain aspects of a pension fund.
For me there are 6 primary concerns:
- The Insurance Company will not go bust and is rock solid (narrows the universe of targets substantially). And if they did, I will be made whole.
- Longevity (life expectancy), will my money run out.
- Inflation, can I maintain my standard of living (even if hyperinflation occurs for several years)... Guaranteed!
- If for some reason some other need arises, can I back out of the deal and get to my money and not get scr3wed.
- I would not like the idea of a premature death and leaving a lot of money to the insurance company.
- If the 5 items above were available, a lot of money to accomplish it.
- Down-side protection with upside (growth) participation if it occurs in the markets.
Item 1 is probably not even available... (i.e., made whole)
Item 2 is commonly available.
Item 3 is very expense and covers all but temporary hyperinflation.
Item 4 I am not sure this can be done once it is annuitized. But new products are emerging all the time.
Item 5 May be available. With options like 20 year certain.
Item 6 Insurance companies want a large profit. Plus the pooling of money is expensive.
Item 7 Somewhat available.
Basically I want to sell off all the down-side risk, participate in the upside, and have access to my money if my situation change. And I want it cheap... Dirt Cheap!