According to CNN the wealthiest 1% in this country had a net worth of a little over $16,000,000 in 2010. The average American has a net worth of $57,000. Compare this to 1983 where the wealthiest group had a net worth of $9,600,000 and the average American had a net worth of $73,000. (Source CNN)
The good news is we're living longer. But the prospect of a longer life expectancy means we risk outliving our retirement savings. If the thought of receiving a steady stream of income that lasts for the rest of your life appeals to you, a single premium immediate annuity (SPIA) might be worth considering.