royallap, you asked:<< I have a similar thought, but would like some comment. How about purchasing a level term life policy for say $500,000. Wouldn't that do the same thing, guarantee the income for W and still be cheaper than 5K /year?? >>No . . . a "permanent" insurance policy would be much more cost effective than using term and a side fund - mainly because of the tax issues and the rising cost of term premiums (the insurance needs to stay in place for a long as the retiree lives for the leverage of the death benefit). It's the tax leverage you get with the life insurance policy that makes it work well for a Pension Maximization plan.
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