Learn alternative strategies to fund expensive homecare and assisted living in this webinar from Retirement Genius’ Chris Orestis.

Nothing in this video is intended to provide tax or legal advice or a solicitation to buy any security, investment, or insurance product or service. Consumers should always consult with their own tax, legal and/or financial advisors….(read more)

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As seniors age, the cost of homecare and assisted living can quickly become a major financial burden. Thankfully, there are alternative annuity strategies that can help fund these expenses while providing peace of mind for both seniors and their loved ones.

1. Immediate Annuities

Immediate annuities are an excellent option for seniors who need a guaranteed stream of income to cover their homecare or assisted living costs. With this type of annuity, the individual makes a lump sum payment to an insurance company, and in return, they receive a regular payout for the rest of their life.

The amount of the payout is determined by a variety of factors, including the individual’s age, gender, and overall health. For seniors who are in good health, an immediate annuity can provide a higher payout than other types of annuities.

2. Longevity Annuities

Longevity annuities are a type of deferred annuity that can provide guaranteed income in the future. With a longevity annuity, the individual makes a lump sum payment to an insurance company, but the payout doesn’t begin until a specified future date, such as when the individual turns 80.

This type of annuity can be a great option for seniors who are still in good health but want to ensure they have a guaranteed income stream later in life. Longevity annuities can be structured to pay out for the rest of the individual’s life, which can help cover the cost of expensive homecare or assisted living costs later on.

3. Hybrid Annuities

Hybrid annuities, also known as combination annuities, offer a mix of both immediate and deferred annuities. With a hybrid annuity, the individual makes a lump sum payment to an insurance company, and in return, they receive a guaranteed income stream for a specified period of time, such as 10 years.

After the initial period, the annuity can either continue as a guaranteed income stream, or the individual can choose to cash out the remaining balance. This type of annuity can be a great option for seniors who want to ensure they receive a guaranteed income stream for a period of time but also want flexibility in case their circumstances change.

In conclusion, the cost of homecare and assisted living can be daunting for seniors and their loved ones. However, with alternative annuity strategies such as immediate annuities, longevity annuities, and hybrid annuities, seniors can ensure they have a guaranteed income stream to cover these expenses. It’s important to speak with a financial advisor to determine which annuity strategy is best suited for individual circumstances.