Polk County Enterprise (Livingston, Tex.), Vol. 130, No. 89, Ed. 1 Thursday, November 22, 2012 Page: 8 of 24
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Thursday, Ni
Diretha’s Herb Cottage officially became part of the Livingston-Polk County
Chamber of Commerce on Nov 15 with a ribbon-cutting ceremony at their new The LlvingSton-Polk County Chamber of Commerce held a ribbon-cutting cer-
business at 4141 Hwy. 59 North. Owner Diretha Flemming opened for business emony on Nov. 14 for A Sassy Perfection, owned by Mary Ann Brogden, at 203
on Nov. 10 offering dried and loose herbs, bath and body products, supplements, s. Matthews St. in Corrigan. The full-service hair and nail salon offers tanning
annd a tea room that offers coffee, tea and light and healthy meals. Hours: 9 a.m. and spray tanning as well as Itworks products and does wrap parties. Contact
to 5 pjn. Monday and Tuesday and Thursday through Saturday. Closed Sunday. Brogden or Krystal Currrie at the salon Monday through Friday from 9 a.m. to
Monthly discounts and weekly classes will be offered. Shown cutting the ribbon are 5:30 p.m. or call 936-223-2437. You can also visit their website at http://asassy-
Diretha Flemming, David Flemming Sr. and the staff with chamber ambassadors, perfection.myitworks.com.
Dear Savvy Senior,
What can you tell me
about longevity annuities?
I come from a family with
long life expectancies and 1
would like to protect myself
from running out of money
in my old age. Looking
Ahead
money before it must begin
paying you back. And,
they’re betting you won’t
live long enough to receive
many, if any, checks, j
National statistics show that
a 65-year-old man will live,
on average, to 82, and a
65-year-old woman to 85.
Another great benefit
with a longevity annuity is
it gives you the freedom to
spend down your nest egg,
knowing you've locked up
an income stream for your
later years.
But as tantalizing as
those big payouts may
be, longevity annuities
have their drawbacks. For
starters, a basic longevity
policy offers no escape
hatch for you to retrieve
your money during the 20
years or so you’re waiting
for benefits to start. And
your heirs won’t get death
benefits if you die before
you begin to collect.
If that bothers you, you
may want to consider a
longevity policy that offers
flexible features like a
death benefit to be paid to
your heirs, early payment
options, inflation protection
and more. The downside,
however, is that every extra
feature you add will reduce
your monthly benefit.
You can use the Brandes
Retirement Simulator
(see www.brandes.com/
institute) to figure out if
you should consider a
policy. Plug in your current
and projected income,
expenses and investment
strategies. It will show
you the possible impact
of a longevity product on
retirement spending and
you’re buying income
that will not kick in for
20 years or more. So be
sure to go with a company
with a good reputation
and solid financials which
you can check online
for free at ambest.com,
standardandpoors.com and
www.thestreet.com/insurers
Insurance companies that
currently sell longevity
annuities are MetLife,
Hartford Financial Services,
Symetra, New York Life,
Northwestern Mutual and
MassMutual.
Send your senior
questions to: Savvy Senior,
P.O. Box 5443, Norman.
OK 73070, or visit
SavvySenior.org. Jim Miller
is a contributor to the NBC
Today show and author of
"The Savvy Senior" book.
on your income after age
85. Brandes does not sell
longevity insurance.
When to Buy
Most people purchase a
longevity annuity at or just
prior to the time they retire.
To estimate how much
coverage you should get,
figure out how much of your
essential expenses you can
cover with Social Security,
pensions, and other forms
of guaranteed income, and
buy longevity coverage for
the rest. But don’t overdue
it. Experts recommend you
use no more than 10 to 15
percent of your assets to
purchase a policy, and leave
the rest in your portfolio
to provide income until it
kicks in.
Also, when choosing a
product, remember that
income usually starting at
around 80 or 85.
The advantage of
choosing a longevity
annuity over an immediate
annuity is that the payouts
are much higher. For
example, a 65-year-old
man who puts $30,000 into
a longevity policy could
expect to receive around
$1,600 per month (that
comes to $19,200 per year)
starting at age 85. Buying a
$30,000 immediate annuity
at age 85, he’d get only
around $370 per month.
Why such a big
difference? Because the
insurer has more time
to make money off your
Dear Looking,
If you’re worried about
outliving your retirement
savings, longevity annuities
are definitely an option
worth looking into.
Longevity annuities are
simply deferred annuities
that pay you income for
life, but only if and when
you make it to a certain age.
How does it work? You give
an insurance company a
lump-sum of money when
you retire (say age 60 or
65), in return for monthly
Ham fun! And don't practice near
utility poles, substations and lines
III be careful, thanks Lud
Your Touchstone Pnerey* Partner )^t^(
www.samhouston.net
1-800-458-0381
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ix- Sam Houston
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Reddell, Valerie. Polk County Enterprise (Livingston, Tex.), Vol. 130, No. 89, Ed. 1 Thursday, November 22, 2012, newspaper, November 22, 2012; Livingston, Texas. (https://texashistory.unt.edu/ark:/67531/metapth658404/m1/8/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Livingston Municipal Library.