Know What You’re Paying for When You Buy an Annuity
November 4, 2020 by Salene Hitchcock-Gear, President of Prudential Individual Life Insurance
Even if you’ve spent your entire career stashing away money to pay for retirement, you may still be worried the nest egg you’ve worked so hard to build will not last as long as you need it to.
For one thing, American life expectancies are near record highs, according to the CDC, and the average millennial has more than a 60% chance to live to age 90. While living longer is a wonderful thing, it also comes with challenges. Add rising health care costs and market volatility to the mix, and it’s no wonder running out of money is the biggest concern for those planning for retirement, according to the American Institute of Certified Public Accountants.