Quotations by Bill Perkins

You might discover that long-term care insurance costs less than you think, especially if you start paying premiums before you’re 65. [2021] - Bill Perkins

There is one life expectancy calculator the Society of Actuaries Web site recommends: the Actuaries Longevity Illustrator (http://www.longevityillustrator.org/). Based on your answers to just a few questions, it produces a chart that shows your probabilities of dying at different ages. If you’d like to get a more precise estimate of your life expectancy based on additional health factors, you’ll need to answer more health and lifestyle questions. One helpful tool is the Living to 100 calculator (https://www.livingto100.com). [2021] - Bill Perkins

Buying an annuity means you give the insurance company a lump sum—say, $500,000 at age 60—and in return you get a guaranteed monthly payout (for example, $2,400 each month) for the rest of your life. Annuities are essentially the opposite of life insurance. Thinking of annuities as insurance makes them a lot more sensible than thinking of them as investments—because as investments they are not good at all. But that’s not their goal—their goal is to insure you against the risk of outliving your money. [2021] - Bill Perkins

Annuities can be very complicated. For starters, there are several different types. Also, depending on a whole host of factors—such as your age and health, your total savings, and your tolerance for risk—you might be better off bypassing annuities completely or using a mix of retirement investments, of which annuities are just one. A fee-only adviser doesn’t have an incentive to avoid annuities and also doesn’t get paid commissions for selling annuities. [2021] - Bill Perkins