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Posted by Beliavsky on October 26, 2007, 8:51 am
On Oct 25, 10:38 pm, BreadWithS...@fractious.net wrote:
> > exactly that. More specifically, the Fidelity Income Replacement Funds
> > come maturities in the even-numbered-years from 2016 to 2036, and are
> > designed to distribute approximately inflation-adjusted monthly
> > payments until the maturity year. See fidelity.com for more details.
>
> Serious bummer if you live longer than you plan for, though.
>
> Which is exactly why there are annuities...
>
> I haven't yet figured out exactly who those funds are for.
>
> Unless folks have substantial enough wealth that they can take
> distributions fairly conservatively, the downsides of outliving
> their wealth are *huge*. In the generations where more folks
> had pensions, the pensions protected them from that risk. Folks
> who are taking charge of their own retirement payouts need to
> manage planning for the chance that they live long lives.
Depending on the family, it may be reasonable to include children as a
resource at a very old age. My 70yo parents can live on their own, but
if my mom/dad lives to say 85 and my dad/mom has died by then, I
expect the survivor to live with me. I don't think an old person
should live alone. Besides the obvious problem of loneliness and not
being able to take care of oneself, such a person becomes an easy
target for scams. If my elderly parents live with me, a lot of their
expenses -- food, shelter, transportation -- will be borne by me.
The possibility of the children helping their elderly parents depends
on the characters of the children but also on how helpful the parents
have been to their adult children. I remember reading a WSJ article
about retired grandparents too busy pursuing their own interests to
ever babysit their grandchildren. That attitude may cost them 10 or 20
years later.
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