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How to use annuities as a put option on your retirement

A put option is a commonly used stock market strategy to protect against the decline of a holding below a specific price. Many savvy investors use this downside protection plan as insurance against unpredictable market volatility or unforeseen economic events.
Planning for the unknown downturn with your investments makes sense, and annuities could be used in a similar fashion by serving as a put option on your life.
Hope for the best, prepare for the worst
We are all familiar with this saying, but ask yourself if your portfolio is truly prepared and set up for the worst. Is your spouse, kids, and grand kids taken care of? Will you be able to maintain your preferred lifestyle if some unpredictable event happens and the markets get destroyed for a long period?
Annuities are transfer-of-risk strategies that solve for only four items in your life; principal protection, income for life, legacy, and long-term care. An easy to remember acronym is P.I.L.L. Do you have a put option in place to cover for those four things?
Bull market selective memory syndrome
This is a diagnosis that I have come up with to explain how people have totally wiped out the market chaos in 2008 from their memory. I know that the passing of the "easing torch" from Bernanke to Yellen seems to indicate that the bull will continue to overwhelm the bear, but we all know that markets go in cycles and another 2008 event will happen again sometime in the near future.
Yes, markets will recover eventually, but the older you get the less time you have to make those losses back. I heard some smart guy say that if you lose 30% in one year, you have to make 43% the next year to get back to zero . If that's even close to being true, implementing a put option on your life would seem to be a no-brainer.
A pessimist's glass half full
I know that

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