Truth 22. Joint and survivor annuities

"You can be young without money, but you can't be old without it."

—Tennessee Williams

"Stay out of expensive joints" was the advice that I received in law school from one of my professors. He was referring to the potential financial risks of jointly owned property and perhaps even expensive restaurants, but he also could have been talking about joint and survivor annuities.

When a married person buys an annuity, he or she has a number of different settlement options from which he or she may choose. Although the highest monthly payout will be received through a settlement option that provides for payments to continue only for the life of the person purchasing the annuity, married people are rightfully concerned ...

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