So, like most here I'm not high on annuities. But since my wife and I have no children and don't feel the need to leave an inheritance to anyone, would buying an annuity later in life make sense?
We'd like to be the people who's last check ever written bounces, but we're too conservative to get in that position. So let's assume things are going pretty well and we still have a decent nest egg at 70 or 75, would it make sense to put it all (or a great majority) in an annuity with survivorship? I'm thinking we'd get a better amount at that age seeing as how we probably wouldn't be drawing on it that long?
We could then spend everything that comes in knowing our income is guaranteed and either of us would be fine if one dies.
Any holes to be poked in this theory?
We'd like to be the people who's last check ever written bounces, but we're too conservative to get in that position. So let's assume things are going pretty well and we still have a decent nest egg at 70 or 75, would it make sense to put it all (or a great majority) in an annuity with survivorship? I'm thinking we'd get a better amount at that age seeing as how we probably wouldn't be drawing on it that long?
We could then spend everything that comes in knowing our income is guaranteed and either of us would be fine if one dies.
Any holes to be poked in this theory?