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If you have no heirs to leave money to, you could also get a higher guaranteed return through (and I know this is a dirty word) a guaranteed annunity, more like 6% guaranteed for your lifetime.

There are inflation protected annuities, but they payout less. OTOH, if inflation kicks up to anything like the 70's, your 6% shrinks terribly and you are left with a monthly check that's good for a loaf of bread and not much else.

We bought one for my FIL at his insistence, the inflation adjusted paid out so much less that he went for the one without. (And it was paying about 4%, IIRC.) If he died within the first 6 years, the heirs got a pro-rated amount back. After 6 years he continues to get a paycheck for life, but when he dies there is nothing for the heirs. He put about 50% of his assets into it, and gets a check which nicely supplements his SS. That was about 3 years ago, and he's doing fine.
 
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