Apparently the author thinks transferring wealth to one's heirs is a bad thing, but transferring it to insurance companies and nursing homes is not. But let's c

Apparently the author thinks transferring wealth to one's heirs is a bad thing, but transferring it to insurance companies and nursing homes is not. But let's continue. "What can get rich elderly Americans spending more? One way is to reassure them they’re not going to run out of cash. Tools such as annuities and bond-ladders can turn a retirement account into a regular stream of income, mimicking a paycheck. Insurance products could also protect retirees against huge, late-in-life expenses from medical care—a dominant fear. Browning likes longevity insurance, an annuity that kicks in only if you live to 80 or 85. Other options are reverse mortgages or long-term care insurance." With only a brief comment on health care costs (>10% yearly increases), let's discuss the various solutions -- Annuities - take your nest egg that rode decades of market fluctuations, and give it to another company to ride another decade or two of market fluctuations in exchange for a fixed monthly distribution. Never mind that every 401(k) plan I ever had would start paying you out of your acct after you reached 59.5 if you wanted it, and HAS to pay you out of your acct once you reach 70.5. The various forms of insurance noted have a couple of things in common -- 1) they are overpriced relative to the benefit provided; 2) The benefit will be known and factored into the cost of your healthcare, thanks to the miracle of the SSN. The best deal mentioned might be the reverse mortgage, but only if your heirs wouldn't need your house - which in my experience, they don't, but in 20 years, with current employment and social trends, who knows?