with no mortgage and no home, LTSB said folks could tap into that for reverse mortgage to support one's golden years.
Assuming principal perservation is #1 so growth rate is only 3% and a 65 yr old could live up to 85, monthly withdrawal could be as high as $940!
What happened if that elderly lady could surpass 85? hmmm...you have SS to rely on.
Meanwhile, with avg. SS monthly about $1,600 (just a wild guess) and the $940 monthly annuity, you have to pay rent, medical expense, foods, etc. And you better not live any where close to the coastal states like NY, WA, or CA.
http://www.bankrate.com/calculators/investing/annuity-calculator.aspx
- James
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