Retirement Advisor: Paying For Your Parents' Retirement (Podcast)
by SA For FAsSummary
- A new survey by AgeUp finds that people don’t know much about their parents’ finances and are worried they may have to kick in their own funds to sustain them.
- The MassMutual unit is offering deferred income annuities as a solution for adult children worried their aging parents may outlive their incomes.
- Deferred income annuities may possibly be the most underappreciated form of insurance, and AgeUp does a good job of explaining their benefits without insurance jargon.
- DIAs are actually hundreds of years old, but especially relevant at a time when retirement resources are stretched.
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A new survey by AgeUp finds that people don’t know much about their parents’ finances and are worried they may have to kick in their own funds to sustain them during retirement.
This podcast (6:33) takes a look at the MassMutual unit’s re-packaging of deferred income annuities as a solution for this very contemporary worry, noting that DIAs can be a more cost-effective way to guarantee income because of the long lead time for saving and fewer years to cover.