You don't even have to go into any sort of long-term care for this to be a stupid idea. Who in their right mind would choose a path that has a 50% chance of having to reduce their basic living expenses by half? A better idea for that 80-year-old would be to load two cartridges in the revolver he's using for Russian Roulet!$55k per year is nothing if you have to go into assisted living or nursing facility. At least with a SPIA, you will guaranteed income, hopefully keeping you out of the Medicaid ward.Instead of a SPIA the 80 year old could just draw down the $498K at the rate of $55K a year and survive at least 9 years; I realize that's not a lifetime, but one keeps control of their cash.
Statistics: Posted by IDpilot — Thu May 16, 2024 7:20 pm