In an article called “A Good Retirement Savings Option for the Self-Employed,” the author discusses the advantages of a solo 401(k) or Uni (k) plan for the self-employed. I can comment on this first-hand since my wife set one up for her practice as a therapist.

She was able to contribute significant amounts as part of the catch-up provision. The most important part, however, was what she did when she cut back her hours.

She converted the Uni (k) balance to a lifetime income deposited into her business, which replaced one day of work.

While I don’t agree with everything in “4 Common Myths about Annuities Debunked,” I do agree that longevity insurance or deferred income annuities are misunderstood.

My view continues to be that these financial instruments should be regarded as a part of the retirement portfolio, rather than as a standalone product.

Most importantly, these income annuities are as much about protecting one’s legacy as about paying the bills late-in-retirement.