Who Needs Lifetime Income?

You do if…

You plan to retire someday. Fewer than one in five men 65 and older were part of the labor force in 2003. This compares to nearly half in 1950¹. For women, the participation in the labor force at age 65 has remained steady at about 10 percent since 1950. We are retiring earlier and living longer, and that takes money.

You are a reasonably healthy woman. If you retire at age 65, your life expectancy is age 85². Plus, it is becoming increasingly common for women to live well into their 90s and even pass the Century mark.

You are a reasonably healthy man. Even though men generally have a lower life expectancy than women, your life expectancy at age 65 is still another 16 years³.

You have children upon whom you do not want to become financially dependent if you outlive your income.

You are single, with no dependents, and self-reliant. You are not counting on anyone to support you in your older years.

You recognize that Social Security is not going to keep you in the lap of luxury. The average monthly benefit for retirees is just over $1,000, or a little more than $12,000 a year. As it is, about two-thirds of all retirees receive 50% or more of their retirement income from Social Security⁴.

Financial independence in retirement requires planning. Talk to your New York Life agent about strategies and options to help assure that you will have a lifetime income that you will not outlive.

This article is for informational purposes only. Neither New York Life nor its agents are in the business of offering tax, legal or accounting advice. Please consult your own professional advisors for tax, legal, and accounting advice.

¹ "65+ in the United States: 2005," the National Institute on Aging, 2006.
² Source: Commissioners 2001 Standard Ordinary Mortality Table. Ages rounded to next highest year.
³ "65+ in the United States: 2005," the National Institute on Aging, 2006.
⁴ "Social Security Basic Facts," Social Security Administration, February 2006.

00322403

Consult an Agent:
Please complete and send the form below and we'll have a New York Life agent in your area contact you at your convenience.

Be the first to Comment