Planning for old age is good. That is why I like income annuities as part of a retirement plan: because they guarantee income through your entire life, no matter how long you live.
It turns out, though, one reason people don’t buy income annuities is that they don’t like thinking about old age (and especially the end of old age). Several studies that looked into why more people don’t buy these products found that the language to describe income annuities caused potential buyers to close their computers, walk away from their desks, and promise to think about retirement another day.
Emotionally, I get it. I want to live forever, too. But the evidence is overwhelming that I will have to settle for a long and happy life, not an endless one. More