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Few of us would go without auto, home, life or health insurance. But the kind of insurance that protects against the risk of running out of money in old age is still greatly underutilized. It’s called a deferred income annuity or a longevity annuity.
I believe most people planning for retirement should strongly consider an income annuity, and a Brookings Institution report confirms that belief. The concept of this type of annuity is simple. The buyer deposits a lump sum or series of payments with an insurer. In return, the insurer guarantees to pay you a stream of income in the future. That’s why it’s known as a deferred income annuity.
Economy Improving Faster Than Expected, Says CBO What Does That Mean for Biden s Stimulus?
On 2/2/21 at 1:38 PM EST
The Congressional Budget Office (CBO) upgraded its U.S. economic outlook on Monday, saying that the economy will return to its pre-pandemic size by the middle of this year even if there is not another federal relief package.
The nonpartisan agency projects economic growth of 4.6 percent in 2021, compared with a 3.5 percent contraction in 2020. Real gross domestic product is expected to grow 3.7 percent in 2021 and average 2.6 percent growth over the next five years. CBO currently projects a stronger economy than it did in July 2020, in large part because the downturn was not as severe as expected and because the first stage of the recovery took place sooner and was stronger than expected, the report said.
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