You can create
your own pension by buying an immediate annuity that pays guaranteed income for your life.
A deferred annuity, which pays out in the future, lets your money grow tax-deferred until you start taking payments.
An immediate annuity
provides "income that replaces your salary or self-employment income, an
income annuity insures against the risk of living longer than average."An immediate annuity is "the only type of true longevity insurance. You transfer the risk to an insurance company in exchange for a premium."
"Risk-pooling and guarantees are what make lifetime annuities so valuable. With lifetime annuities, the 50 percent of people who die earlier than average subsidize those who live longer." You don’t know which half you’ll be in.
"You can self-insure against longevity risk by investing in stocks, bonds, and savings." BUT! "You’ll need to save 25 percent to 40 percent more than with an annuity because you won’t have the advantage of risk-pooling, according to a Wharton Financial Institutions Center study."
Get the details from Ken Nuss at: https://www.mdmag.com/physicians-money-digest/personal-finance/create-more-retirement-income-cut-your-longevity-risk
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