Richard Harris wants to elect the single life annuity option for retirement- His mother lived to age 92 and his dad lived to be 89- This annuity will pay Richard a set monthly payment for as long as he lives- What possible disadvantage might he face?

Retirement planning refers to financial strategies of saving, investments, and ultimately distributing money meant to sustain oneself during retirement. Many popular investment vehicles, such as individual retirement accounts (IRAs) and 401(k)s, allow retirement savers to grow their money with certain tax advantages.