ANNUITIESDE-MYSTIFIEDThree Simple Tools for Choosing the Right Annuity
2ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVERIntroductionBy Dennis MillerDear Reader,When I was 20 years old, I sat through my first day of a business law course at Northwest-ern University. The professor began the course by writing two words on the blackboard (inthe prehistoric days of blackboards and chalk): Caveat emptor.No one knew what the words meant. “Let the buyer beware!” he trumpeted. That was thetopic of his first lecture. Today, over 50 years later, I can say from my own experience thathe was right.Certainly, with any financial or insurance product, it’s incumbent on you to do yourhomework before making a purchase. Annuities are a prime example of why this is soimportant. Caveat emptor!During my first career, I had several clients in the insurance industry – some with theinsurance company and others who worked as agents. They told me many times that themore complicated the insurance product, the more profitable it was for the agent and theinsurance company. They also implied, however, that the more profitable a product was tothe agent and company, the more costly it was to the consumer.Annuities are at the top of the list of complicated products that often profit insurancecompanies without adequately compensating the buyer in return. Put plainly, sometimesyou don’t get what you thought you paid for.As we tackled this annuity project, I thought of a line I’d often say as a young man: “Howcome there is so much month left at the end of the money?” As the countdown to paydaydragged on, I was often a member of the “peanut-butter-sandwich brigade” – made up offolks who packed their lunches rather than buy them in the company cafeteria. Nowadays,the line would be: “How come there is so much life left at the end of the money?” Thismight have been a cute remark as a young man, but it wouldn’t be the least bit funny now.Many subscribers are concerned about having enough money to pay their bills down theroad; a good annuity can help address those fears.Nevertheless, “caveat emptor” should be your mantra, your guiding principle of annuityresearch. Buying the right annuity can be stressful and complicated, but you must set asidethe time for thorough due diligence. Doing your homework and understanding what youare buying is an absolute must.Once our team started digging into the topic, we quickly decided to give a broad overviewof annuities in our regular monthly issue to help you examine the risks and determine if an
3ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVERIntroductionannuity is a good option for you. If, once you’re done reading this, you think you’re a goodcandidate for an annuity, we’ve also put together an extended special report: The AnnuityGuide. It may also be helpful to check out our The Cash Book. Both are available for free tosubscribers of Money Forever. (Click here for more and how to get your free copies.)Sincerely,Dennis Miller
4ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVERYour 3 Simple ToolsIn the following pages, we’ll get into the details of how to choose an annuity and how tomake sure one is right for you before you even start shopping around.The first of the three is really more of a step that you need to take before looking at annui-ties. You need to do a thorough self-assessment of your lifestyle expectations, your expect-ed expenses during retirement, and how any other retirement investments or income, likeSocial Security or a pension plan, fit in to your plan.A quick way to see if an annuity might be right for you is to go through the eight-pointchecklist on page 7. If you’re married, go through the checklist together with your spouseand answer as honestly as possible. If you find you answer “yes” to quite a few of the ques-tions in the checklist, then an annuity might be right for you. But there’s still more.The next tool is our nine-point plan for buying the right annuity. In it, you’ll find whatyou need to know about any annuity that an agent puts in front of you. You’ll also discoverhow to make sure your agent is presenting you with “apples-to-apples” comparisons ofannuity plans so you can clearly see what you’re getting and not getting from each option.And tips #3 and #7 will tell you right away where your agent places his priority: your com-fort in getting the plan that’s right for you or lining his pockets with commissions.And last, the third tool for making sure you get the right annuity is risk consideration. Itmay sound paradoxical, using the words “risk” and “annuities” together, but like all con-tractual obligations – which is all an annuity is – there are several risks including inflation,default, and liquidity.You have inflation risk since many annuities pay a fixed amount over time, while prices onstaples like food, energy, housing, and medical care continue to climb. You can purchaseinflation riders, but must carefully review the terms and exceptions. Then there’s the riskof default by the annuity provider. Annuity providers do sometimes go under; based onhow your annuity is structured and your state’s laws and insurance coverage, you may ormay not be fully protected. And last, there’s liquidity risk. Your money is tied up in the an-nuity and difficult to withdraw without substantial penalties, if at all.
5ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVERThe magician David Copperfield uses smoke and mirrors to create illusions, and when itcomes to certain types of insurance, many companies are his equal. The hype around an-nuities is a prime example. When David Copperfield fools you, it’s called “entertainment.”When insurance agents or companies fool you, it’s called “expensive.”Insurance & AnnuitiesWhen you buy automobile insurance, it’s normally for six months at a time. The premiumis set, the coverage is clear, and you hope you don’t have an accident. After six months, theinsurance company asks you if you want to place the same bet again. Basically, you’re pay-ing to avoid a potentially catastrophic economic liability – nothing more and nothing less.When it comes to life-insurance products, many companies want to sell you more. Theywant to bet with you on whether you’ll live or die, and they also want to add an invest-ment component. It’s that investment component in whole life, universal life, and annui-ties that makes the companies and the agents who sell them a lot of money.So how can a consumer work through the minefield of clauses, guarantees, and pages ofsmall print? First, you need to find out whether annuities are a worthwhile product foryour particular situation. We’ll touch on some of the frequently overlooked risks anddangers of annuities. Our goal is to help you understand where and how annuities canenhance their retirement, yet also understand the risks and limitations. There’s no point inreading the fine print if annuities won’t work for you.We are attempting to un-complicate the subject of annuities, so please keep in mind thatall of our remarks should be tempered with “as a general rule of thumb.” The world ofannuities is filled with exceptions and complications, and we’re not going to cover everypiece of minutia in an annuity contract.Who Should Consider an Annuity?In simple terms, an annuity is a contact between a person and a company. The persongives the company a sum of money, and in return is promised a monthly payout, generallyfor the rest of their life. There are many cases where annuities make sense for retirees orfolks planning to retire soon. At the same time, there are risks and situations where annui-ties are the wrong choice.You are very likely better off with no annuity as opposed to buying the wrong one. Thefirst challenge is finding out whether an annuity could work for you.Is an Annuity Right for You?
6ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVERIs an Annuity Right for You?In the old line of thinking, annuities were considered a product for anyone – essentially away to purchase your own pension. As a result, many people wrongly placed their entireinvestment portfolios into annuities.When you think about it, investing your whole portfolio into a single investment doesn’tmake sense for any financial instrument. These investors put themselves at considerablerisk by placing all of their eggs in a single basket. They were also often whacked with in-numerable hidden fees on their life savings. Many saw their monthly income drop as theinvestment markets took a tumble.Because of this situation, many states now regulate the percentage of annuities you canhold in your portfolio, and for good reason. If you’re thinking about putting annuities intoyour portfolio, first consider a limit on the total.The second big consideration is whether you’re looking to invest or simply to secure cashflow. Although annuities are often sold as investments, so they shouldn’t be thought of asan investment product. They’re an insurance product – a contract between a person and acompany – and you should only buy them for the guarantees in the contract.While an annuity may turn out to be a good investment, that’s not the right reason tobuy one.If you want an investment, the market is full of mutual funds and other investments.Accessing the stock market through annuities is an expensive and roundabout method.Essentially, you’re paying a middleman, the insurance company, to invest in the stockmarket. It’s much simpler to just do it yourself. If you’d prefer not to, professional moneymanagers typically charge lower fees than annuities.If they’re not an investment, when do annuities make sense? It’s recommended that a per-son should buy an annuity for what they will do (contractual guarantees) not what theymight do (hypotheticals).In too many cases, folks buy annuities thinking they have guaranteed income based onpotential earnings in the future. If the income is based on a formula or index, the guar-antee is only the method used for calculation. It does not mean your monthly checks willalways be the same.One member of the Money Forever team, Vedran Vuk, summed it up pretty well with asingle question: “Have you ever heard of a hedge fund investing in an annuity?” No, I can’tsay that I have. It’s absolutely amazing the sort of things they can make a buck on – fromstocks and bonds to mortgage-backed securities and interest-rate swaps. And yet youwon’t find annuities in their portfolios. If the smart money isn’t investing with annuities,maybe the average Joe should take the hint.
7ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVERYour Eight-Point GuideIn order to tie this information together, I’ve written a list of questions investors and theirspouses might want to address to help determine if annuities are right for them.1. Do you have to dip into your savings each month to make ends meet?2. Are you really stressed about paying bills now and in the future?3. Do you have major concerns about what happens should the financially savvy partnerdie first? Do you worry about the surviving partner’s ability to make the nest egg last?4. Even though you’ve accumulated a nice nest egg, do you really worry about the con-stant ups and downs in your portfolio? If you feel compelled to check it every day,the answer might be “yes.”5. While you may still be working and doing very well, do you really feel stressedabout having enough money when you do decide to retire?6. Are you very uncomfortable with the idea of paying a professional money managerto look after all or a major portion of your life savings?7. While you may be comfortable with your investment skills, would it be worth it topay a fee to take some of the pressure off?8. Do you agree with the following Suzy Orman statement? She says: “The last checkwritten from your account should be to the undertaker and it should bounce.” Isleaving money to the next generation a high or low priority for you?At first glance, most investors might answer “yes” to many of these questions. The realissue is how much emotional stress you feel and how confident you feel about managingthese problems. By “really stressed” in the questions above, I mean much more so thanyour peers. If you answered “yes” to several of these questions, you might be a candidatefor an annuity.Many folks are comfortable with their ability to manage their money, or are totally com-fortable paying a competent money manager to do so. They probably don’t need any an-nuities in their portfolios.All investors experience some stress from time to time; that is normal. You can’t investwith zero stress. It’s the degree of stress that’s key.As I’ve explained, annuities are not investment products. Rather, they’re a way of trans-ferring some risk and some stress to a private company. If you’re the sort of person whogets abnormally stressed by the slightest down day on the market, then annuities mighthelp you out.Is an Annuity Right for You?
8ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVERI want to show you what risk is transferred, what risks are not, and what worries can beremoved. Unfortunately, removing some of these worries comes with a high price tag, andyou should understand that before making a commitment.The biggest takeaway for me: When used properly, annuities do have a place in someretirement portfolios. But keep in mind the rule of caveat emptor – “let the buyer beware!”As buyers, you should understand what you’re buying, and what annuities will and willnot provide.If you think you might be a candidate for an annuity, our team has put together The AnnuityGuide, an extended special report that goes into greater detail. It includes a section on howto shop for the right annuity, and looks into more detail on many options and variables.Click here to find out how to get your copy.I want to help readers avoid many common, very expensive pitfalls in the buying process.Buying an annuity product specifically tailored to your needs can be terrific. As Stan cau-tioned, “You are better served buying no annuity at all if it is not structured properly.”Is an Annuity Right for You?
9ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVERWe want to help you avoid many common, very expensive pitfalls in the buying process.Buying an annuity product specifically tailored to your needs can be terrific, but as friendand annuity expert Stan cautioned, “You are better served buying no annuity at all if it isnot structured properly.”The following is a list of tips – our 9-point plan – that we picked up along the way to helpyou make sure you’re making the right decisions:• Tip No. 1 – Buy an annuity only for the contractual guarantees. You’re onlyguaranteed what’s written into the contract. The language must be simple tounderstand. If you don’t understand it, don’t sign it.• Tip No. 2 – Protect yourself against default by the insurer. At a minimum, theinsurance company should be A rated or higher by all rating agencies. In addition,many states have a fund that insures annuities up to a certain point. If your state hasa $100,000 per policy limit and you wanted to spend $200,000 on annuities, you’rebetter off with two separate $100,000 policies. While annuities seem low risk, manypeople who had annuities written by AIG were quite concerned when the companywent under.• Tip No. 3 – Demand full disclosure of fees. Many variable annuities can havemanagement fees as high as 3%, but the fees are often hidden. There is, however, asimple way to make them very clear. Insurance agents often have a program that canproject the yield from the variable component of the annuity based on any numberthat they put in. Ask the agent to run the projection at 0%.In many cases, you will find that they have built fees into the system; they want tocharge you to manage your money even if it’s held in cash. When the projection isset at 0%, you can see how much smaller your funds are getting as a result of thefees. If the agent will not or cannot run the numbers at zero, then you have goodcause for concern.• Tip No. 4 – Avoid a “captive” agent. Instead of buying directly from the insurancecompany (a captive agent), consider dealing with a general agent who representsseveral companies. The agent can shop prices and coverage, to get the best packageto suit your needs. Make sure the comparisons are apples to apples, assessing likefeatures of each company. Avoiding captive agents won’t guarantee you an agent withyour best interests in mind, but it sure does improve the odds.9-Point Plan for Buying the Right Annuity
10ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVER• Tip No. 5 – Consider taxes. While no one we know enjoys paying taxes, keep itin perspective. The right product with a safe company should be the first issue youdeal with. However, the tax structure for each product is slightly different. The agentshould be able to easily show you your liability per payment.• Tip No. 6 – If it sounds too good to be true, it normally is. Many times we seeannuities offering great yields – well above what you could expect to earn in thecurrent market. Much like the credit cards offering big rebates, when you read thesmall print, you are likely to find it’s only for a short period of time or there’s someother limit on it. Don’t get caught up in the hype. The better it sounds, the more duediligence you should do.• Tip No. 7 – Get the agent to sign on his promises. When both parties finally cometo an agreement, you (the party writing the check) should look at the other personand say something to the effect of, “To protect both of us, let’s agree upon what weagreed upon.” Write the date and the names of the parties, and then start numberingthe points. For example:– Agent Mr. Smith says the fees are 0.5%, and there are no other hidden fees inthe product.– While there is a variable component in this annuity, I am guaranteed aminimum of 5% yield on my investment.– The variable portion of this policy is indexed to the Consumer Price Index.While you may feel uncomfortable doing this, you’re the one putting downthousands of dollars, and you have every right to demand it. Remember: caveatemptor! It’s the buyer who must beware; you must protect yourself. Ultimately, thelanguage in the annuity contract is what matters, but it doesn’t hurt to memorializeyour verbal agreement with the agent in writing.Hopefully your agent is totally honest and will help write the agreement, and bothparties can sign and date it. If the agent starts to waffle, trust your instincts.• Tip No. 8 – Demand a quote for a single premium immediate lifetime annuitywith a death benefit, and compare it to the other options. The monthly incomefor the single premium life annuity should be your base number, as it’s one of thesimplest annuities out there. As the agent starts to add “smoke and mirrors” tothe equation with additional features, compare the payout to your original singlepremium immediate lifetime annuity.• Tip No. 9 – Compare one annuity feature at a time. Don’t let the agent bamboozleyou with multiple new features at once. If he wants to sell you an inflation rider, adeath benefit, and a ramp-up period, don’t compare this annuity to the basic one.9-Point Plan for Buying the Right Annuity
11ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVERInstead, ask for a quote with just the inflation-rider feature. Compare it to your basicsingle premium annuity. Then, tell him to give you a quote for an annuity with justthe death-benefit feature. Once again, compare it to your basic annuity and evaluatethe difference. This way, you can tell how much each component costs. The agentwon’t be able to bundle a bunch of features to confuse you.9-Point Plan for Buying the Right Annuity
12ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVERAnnuities are sometimes described as a “transfer of risk.” In my opinion, that premise iscorrect, but with a few exceptions. Some risks are transferred and some are not.One risk that is transferred is guaranteeing a level of income for the rest of your life. Muchlike life insurance or fire insurance, it can help the insured to sleep better at night know-ing they have some protection from a catastrophe… in this case the “catastrophe” beingoutliving their money.At the same time, not all risks are transferred – such as inflation, default of the insurancecompany, and liquidity risk. These risks are some of the many reasons to avoid puttingyour entire portfolio into annuities. Risks such as default and inflation are serious enoughthat they could completely wipe out someone with a annuity-heavy portfolio.Note that these aren’t the only risks to worry about. We’ll start by addressing the problemsaffecting all annuities before zeroing in on very specific cases.Annuity RisksBy Vedran Vuk
13ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVERAnnuity RisksInflation RiskWill an annuity protect your lifestyle? In the short term, it might. If you believe the Fed-eral Reserve when it says it will keep inflation at 2% or less, perhaps it will for a period oftime. Even then, inflation will eat away at the buying power of the payout fairly quickly.You are contractually guaranteed income; however, that does not guarantee your lifestyle.To see the effect, I’ve charted the purchasing power of a single premium immediate life-time annuity with installment refund which pays $583.33 per month. I have comparedseveral inflation scenarios: the currently tame 2% inflation rate; the long-run average ofabout 3%; and the possibility of things getting considerably worse at 7% inflation. We’renot even talking about hyperinflation here - just reasonable estimates.Even at the low 2% inflation rate, your $583.33 benefit would only have the purchasingpower of $392.56 in 20 years. In the 7% inflation scenario, the purchasing power would bedown to $150.74. Let’s put this into context.The current average US electricity bill is $103.67. The average cellphone bill is $111. Ac-cording to the USDA, an elderly household of two that’s being extremely thrifty could getits monthly grocery bill down to as low as $357.30 per month. In total, that’s $571.97 –leaving just enough for a McDonald’s breakfast.Right off the bat, that isn’t so bad. The annuity takes care of the cellphones, the electricity,the groceries, and leaves a little extra. However, in 20 years at 2% inflation and a purchas-ing power of $392.56, the benefit would only be enough to pay for the thrifty grocerybudget, leaving only $35.26 left over. Though your annuity benefits are the same, priceshave risen, so now you have a lower purchasing power in 2012 terms.After 20 years of 3% inflation, it gets even worse. With $219.85 in purchasing power, you’llhave to weigh either purchasing 2/3 of your usual groceries against paying the electricityand phones. You won’t be able to do it all. By the third year, you will need to add funds toyour annuity payment to cover those expenses.And under the 7% scenario, you’ll only be able to pay for the electricity bill with less than$50 in purchasing power left over. That’s hardly the lifetime income most annuity buyershad in mind.Furthermore, consider that our assumptions are a little optimistic. In all likelihood, yourelectricity and grocery bills will probably rise faster than the rate of inflation. If that’s thecase, then you’d be in real trouble.So, while annuities promise guaranteed income, they certainly do not guarantee what thatincome will afford you in the future.Annuity policies can be structured with inflation protection, but those options are ex-pensive in terms of the lower initial payments. With benefits starting so much lower, you
14ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVERAnnuity Riskswould have to live an exceptionally long time to make them work out.Furthermore, even something like a 5% inflation rider might not protect you if higherinflation rates become a reality. If a considerable portion of your portfolio is in annui-ties, then another portion needs to be balanced to fight inflation, with holdings such asprecious metals.Default RiskAnnuities are often sold as a way to avoid market risk. In one sense, they can do that, butdon’t forget that your annuity contract is written by an insurance company. If that insur-ance company goes under, your annuity contract could be at risk.In all likelihood, your insurance company won’t go under. However, the same could havebeen said of AAA bonds in 2007. As we found out, sometimes the unlikely suddenly be-comes very likely.In the last few years, about a dozen or so insurance companies have failed per year. Thesefailures are mostly of smaller institutions, but sometimes bigger players get wrapped up aswell. In these cases, the company that went under is typically absorbed by a larger com-pany. There is no guarantee, however, that that will happen in the future.For example, in 2012 the Financial Guaranty Insurance Company with $2.1 billion inassets failed. Also, in 2009 the Shenandoah Life Insurance Company with $1.7 billion inassets went under. In 2008, Standard Life Insurance Company of Indiana with $2 billionin assets collapsed as well. Although these failures weren’t all national front-page news likethe AIG fiasco, they should be noted.So what happens when your insurance company fails? Unlike a CD (which is insured bythe FDIC) or your brokerage account (which is covered by the SIPC), annuities are notprotected by any national program. They depend on state-level safety nets that typicallycover $100,000 in annuity contracts. However, the limits and products covered differ fromstate to state. The National Organization of Life & Health Insurance Guaranty Associa-tions (NOLHGA) provides an easy way to search the specifics for your state.Regardless of your annuity type, check your state on the NOLHGA website to learn aboutits specific protections. And if you’re buying a variable annuity, pay especially close atten-tion to your state laws; some states treat them differently.Much like with FDIC insurance, you can split annuities across several different compa-nies to maximize your total insurance coverage. If your state covers $100,000, you couldprotect $300,000 in annuities with three separate contracts for $100,000 each in threedifferent companies.
15ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVERAnnuity RisksBut there’s a catch whereby state insurance programs vastly differ from FDIC insurance.When an insurance company is having a problem, the state puts it into rehabilitation totry to save the company from becoming insolvent. If the insurance company fails fromthere, the state government will take it over and liquidate its assets to fulfill its obligationsto policyholders.If more money is still needed after that, the state guaranty associations will attempt toamass more funds. How do they do this? Get ready for your jaw to drop! The other in-surance companies in the state must cover the failed insurance company’s obligations inproportion to their business in the state.That’s right. There’s really no FDIC or federal government waiting to print money to savethe policyholders. Instead, you’re relying on other insurance companies for the bailout. Inmost cases, this shouldn’t be a huge problem.If that doesn’t bother you already, here’s the really scary part. What happens when there’s asystemic shock to the insurance industry? For example, if a large company goes down andevery other company is facing major losses as well, who is left to bailout your policy? Well,unfortunately, at that point, you’d have to hope and pray that the state or federal govern-ment comes to your aid. It might – and it might not.Is this scenario likely? Probably not. Is it a possibility that you should seriously consider?Definitely.Since 1983, state guaranty associations have protected 2.8 million policyholders and havecontributed $5.3 billion to make sure that people get their benefits. However, high-dollarpolicyholders unaware of the state limitations have lost money. As a result, only around90% of benefits have been fully recovered in the cases of company failures.So far, everything has worked out all right for the most part, but that certainly doesn’tguarantee the same result in the future. Once you’re in an annuity contract, you’re in it forthe long haul.It’s hard to say what might happen in the next few decades, especially considering the US’sweakening fiscal situation. Don’t ignore the risks by putting a sizeable portion of your fundsinto annuities. At the very least, understand the limitations on coverage in your state.Liquidity RiskIf you’ve made it far enough in life to consider annuities for your retirement, you knowone thing is for certain: $%*# happens. No matter the best-laid plans, life always tosses upthe unexpected.When considering annuities as a retirement vehicle, you have to remember that yourmoney will be tied up for an indefinite period of time. Even if the annuity allows for awithdrawal of funds, it will cost you an arm and a leg.
16ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVERAnnuity RisksIf you’re in the stock market or in bonds, you might not have some of the guarantees ofannuities, but you still have liquidity. If you suddenly need money, you can always sellwith the click of a mouse. Even if you have yourself covered with life insurance, healthinsurance, and every other insurance in between, you never know what might happen –anything from your kids getting sick to helping your grandkids with a little extra collegemoney. When you’ve committed a sizeable portion of your portfolio to annuities, thisliquidity and flexibility are gone... and your hands are tied.Minimizing These RisksWhile it’s impossible to make these risks go away, there are a few simple things you can doto minimize them:• Never hold a very large portion of your portfolio in annuities. If high inflation picksup or your state can’t cover the obligations, you could be entirely cleaned out.• Understand what kinds of annuities are protected in your state and to what extent. Ifnecessary, diversify among insurance companies to maximize your protection.• If you’re holding annuities, make sure that another part of your portfolio is geared tohedge against inflation.
17ANNUITIESDE-MYSTIFIEDMILLER’S MONEY FOREVEREpilogueDear Reader,It’s my sincere hope that this report on annuities helps you feel comfortable in objectivelyreviewing the annuity choices that you may come across.Annuities are just one option that today’s retirees are using to ensure that they cancontinue to lead active, independent lifestyles without needing to scale back or take apart-time job during retirement. The trouble for many seniors is that while they may havediligently saved away a nice nest egg, they feel they have no way to increase their incomeduring retirement, at least without working or taking on undue risk in the market.But there is another way. Just recently Vedran and I developed a simple 12-month investmentincome plan you can follow regardless of how much – or how little – you have to invest. Andthe best part is, if you follow the plan you’re guaranteed investment income every month.To find out more about our plan that’s helping thousands of retirees and near-retireesenjoy dependable income streams, just click here for the full story.Sincerely,Dennis MillerEditor and Retiree AdvocateMiller’s Money ForeverP.S. I really hope you’ll check out our monthly income plan. We think this is the surest, safestway to generate income during retirement without having to jeopardize your retirementsavings. The plan is easy and you can get started right away. Click here for the details.