"Money for Life" is a concept or financial strategy that refers to creating a sustainable income stream that lasts throughout your retirement or lifetime. It's commonly used in the context of retirement planning, insurance, and wealth management.

General Description:

Money for Life means having a reliable and consistent source of income that:

• Covers your essential and lifestyle expenses

• Lasts as long as you live, regardless of market conditions

• Helps protect against outliving your savings (longevity risk)

Key Components:

1. Guaranteed Income – Often includes pensions, annuities, or government benefits (like Social Security).

2. Investment Income – Returns from diversified portfolios, real estate, or dividend-yielding assets.

3. Withdrawal Strategy – A plan to safely draw from retirement savings without depleting them too early.

4. Risk Management – Tools like life insurance, long-term care insurance, and inflation protection.

Who Uses the Term?

• Insurance companies (e.g., Sun Life uses “Money for Life” as a slogan for their retirement products)

• Financial advisors as a framework for retirement income planning

Purpose:

To give individuals peace of mind that their financial needs will be met for the rest of their life, especially after they stop working.

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