By Sandra Block
From Kiplinger’s Personal Finance
By the time you reach your 50s, you should start to get a handle on how much you’ll have in savings when you retire, and whether the money will last as long as you do.
Most financial planners say you should plan on replacing 75 percent to 80 percent of your income in retirement—more if you retire before age 65 and need to buy your own health insurance.
If your estimates suggest you could come up short, here are some options to consider.
A single premium immediate annuity is basically a DIY pension. In exchange for a lump sum, an insurance company will provide you with a monthly payment for a specified period or the rest of your life….