10 Apr Help so you don’t outlive your money

Q. In a column about QLACs versus annuities, it was stated: “…if your main concern is outliving your money, there are other products that will guarantee lifetime income that may provide a better return on your investment.” Exactly what are those other products?
— Trying to learn

A. Great question.

We took your inquiry back to the expert who answered that first question: Steven Gallo, a certified public accountant with U.S. Financial Services in Fairfield.

Gallo said he was referring to variable annuities with lifetime income riders.

“Since these products allow the investor to choose how their funds are invested, within certain limits, there is an opportunity to participate in the upside of the markets while providing a safety net in the event of a downturn in the market,” Gallo said.

There are various insurance companies that offer these products and they all have different variations of the income riders, he said, so it’s important to understand the specifics of each and the costs associated with each before you buy.

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