One way to insure that your retirement savings last as long as you do, is to consider an immediate annuity that will give you monthly payments for life.* This is a strategy for a portion of your retirement assets. Perhaps taking in a portion of your 401(K) and use an immediate annuity to provide your monthly income need for life. Invest the other portion of your 401(K) to provide growth and income to hedge inflation or provide for any lump sum needs (like a vacation or new car).

You may think you will never spend it all but don’t underestimate how long you are likely to live.

*Payments are based on the claims paying ability of the issuing insurance company.