Retirees seeking a steady stream of income should consider immediate annuities once interest rates normalize, said Harold Evensky, president of Evensky & Katz. Evensky added that deferred annuities can also be useful, but they are not for everybody since they often come with higher fees. He said a traditional reverse mortgage like the HECM Saver is another good alternative for those seeking income in retirement because it is like an insurance policy that can be borrowed against, yet cannot be taken away. Finally, Evensky says consumers should seek advisers that legally place an investor’s interests ahead of their own.
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