that certainly takes the edge off the rise and fall of the portfolio.
Exactly! Over the next few years, my/DW's retirement income will come from eight separate "sources". Our current SPIA is only one of those and currently covers 1/3rd of my current gross income need (I'm retired, DW is still "out there")
Speaking specifically of an SPIA, it is just part of the total solution in our case and as an "actual user" of the product (unlike the other posters) I see value in its use as part of (not totally) your retirement income plan.
You diversify your investments (hopefully). Why would you treat your retirement income sources any differently? I have "many boats". If one springs a leak, I have others to keep me "afloat" ...
- Ron