Carter’s 100th Birthday Sparks Retirement Planning Conversation

Jimmy Carter recently made history as the first U.S. president to reach 100 years old, living a financially secure life thanks to an estimated net worth of $10 million and a presidential pension of $246,424 in 2024. Though living to such an advanced age is rare, the likelihood of Americans living past 90 is increasing, with projections showing that one partner in a couple where both are 65 has a 47% chance of living to 90, and a 20% chance of reaching 95.

The article emphasizes the importance of planning for retirement, highlighting that future retirees should consider various financial tools to ensure they have sufficient resources into old age. This includes contributing to employer-sponsored retirement accounts such as 401(k)s and IRAs. Additionally, the article addresses the benefits of tax-deferred annuities as a method to build up retirement savings, offering individuals a way to secure a steady income during retirement, as annuities can defer taxes until funds are withdrawn.

As annuities become increasingly attractive due to higher interest rates, it's crucial for potential buyers to understand their various types and features. Guaranteed fixed annuities, for example, provide predictability and reliable income, while deferred income annuities create personalized pension plans. The article also warns of the risks associated with annuities, underlining the importance of selecting a financially stable insurance company for these investments.