Retirement Income Strategist, KJ Financial, Liberty, Missouri
It seems that annuities are always evolving and hopefully improving. The latest push appears to be coming in the form of guaranteeing minimum incomes at different ages in the future with either an upfront lump sum of money or annual contributions. (Remember the guarantees are backed by the claims paying ability of Life Insurance company.)
Another area is often called "linked benefits" where that guaranteed income is increased if you can't do two of the six activities of daily life-which is also known as qualifying for long term care. While these benefits aren't designed to replace long term care insurance they will provide additional income to help defray those costs.
I expect these types of changes will continue to evolve.
If there is something more specific you'd like to have addressed, just let us know.
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Another area is often called "linked benefits" where that guaranteed income is increased if you can't do two of the six activities of daily life-which is also known as qualifying for long term care. While these benefits aren't designed to replace long term care insurance they will provide additional income to help defray those costs.
I expect these types of changes will continue to evolve.
If there is something more specific you'd like to have addressed, just let us know.