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Retirement planning is largely about managing unknowns, and one of the biggest unknowns that a planner must contend with is life expectancy. If a retirement plan assumes too low of a life expectancy, it can easily fail as retirees outlive their assets. Still, overly cautious assumptions about life expectancy can short-change retirees and result in a retirement withdrawal rate that's much lower than it could be. That translates into a lower standard of living for the retirees and perhaps a bigger inheritance for their heirs. While giving more money away when you die might seem like an ok idea, most would agree that it shouldn't come at the expense of a comfortable retirement.

This is where single premium immediate or deferred annuities could help. In exchange for a lump sum payment, an immediate or deferred annuity provides a guaranteed stream of payments that continue until the annuitant dies. With an immediate annuity (SPIA), the stream of guaranteed payments begins immediately. In the case of a deferred annuity (SPDA), the payments begin at some pre-specified later date.

With these instruments, the annuitant can transfer the risk of "living too long" to an insurance company. If the annuitant dies early, the insurance company makes out, but if the annuitant lives an unusually long life, the annuitant makes out. Regardless of how things actually go, these contracts can be a good deal for retirees because they allow them to transfer some of the risk of a big unknown to a third party, the insurance company.

While immediate annuities can make sense in theory, the trick is in figuring out if a particular immediate annuity is a good idea in a particular retirement plan. There are so many factors to consider that the analysis can quickly become very complicated. The best way to analyze this type of problem is with a technique called Monte Carlo Simulation. Monte Carlo Simulation uses probability theory coupled with thousands of trial "runs" through a retirement sequence to explore the range of likely outcomes. This approach is widely used by financial planners in retirement planning.

Sounds pretty complicated, right? Well, it doesn't have to be. You can run the numbers yourself using an online Monte Carlo retirement calculator. These sophisticated planning tools are great for exploring complicated scenarios and boiling the results down into an easy to understand "probability of success." There's an online Monte Carlo retirement calculator at www.flexibleRetirementPlanner.com that's free to use and you don't need to sign up for anything to use it.

If you're not familiar with retirement calculators that use Monte Carlo analysis, you might want to visit the Flexible Retirement Planner's documentation pages to get up to speed. Once you have a solid understanding of how to use the planner, you're ready to start running some analysis to explore the effects of using annuities in your retirement plan. The trick here is to run one set of numbers without annuities, then a similar set with annuities taken into account. Don't forget to subtract the lump-sum cost of the annuity from your starting portfolio balance. Finally, you can get instant price quotes for immediate annuities from the Vanguard website. From their main page, click on account types and services, then Retirement, then click the link for Vanguard Lifetime Income Program. (Please note that this is not an endorsement of Vanguard's annuity products.)

Now that you have a better understanding of single premium annuities, as well as knowledge about how to use a free Monte Carlo retirement calculator, you're in a much better position to evaluate the costs and benefits of these insurance products. Before you take any action though, it's probably a good idea to run your results by a financial planning professional to get their thoughts.

Jim is mostly retired from the software industry and is now a part-time undergraduate finance instructor and the author of the flexibleRetirementPlanner.

Monte Carlo Real Estate Set For 2007 Boost

The number of European and in particular UK people moving to the tax haven of Monaco has increased dramatically in recent years, with some estate agents in the Principality claiming that four in ten of their buyers are now from the UK, compared to just one in ten a few years ago.

And if recent surveys are an accuate indication of the future, then Monaco estate agents might be seeing an even higher percentage of Brits buying with them in the near future.

A survey by the Centre For Economics and Business Research suggests that the number of British millionaires will rise dramatically from 376,000 to 1,700,000 - an increase of over four hundred per cent.

Commenting on the findings a local travel guide says that the number of British people in Monaco has increased noticeably, but that property price inflation will temper any increase in new residents.

'While we do expect to see an even higher proportion of British residents in Monaco, the fact that there is going to be four times the number of millionaires doesn't mean to say there will be four times the number of people looking to buy in Monaco.

At the moment the cheapest one bedroom apartments are around 850,000 Euros. After taking closing costs into account it's close to a million Euros. Given the demand for property in Monaco in five years that figure could rise to between 1,500,000 and 2,000,000 Euros for a one bedroom apartment'.

Residency In Monaco

A real estate company specialising in Monaco property agree.

'Given the cost of property in Monaco, simply being a millionaire won't cut it for Monaco for much longer. Today's millionaire won't see much change out of his or her million at the moment, and how many will want to live in a one bedroom apartment. To have a half decent two or three bedroom apartment in Monaco you need to be a multi-millionaire rather than just a millionaire'.

Monaco has long been known as Europe's number one tax haven, and for the Monaco Grand Prix, held each May around the streets of Monte Carlo.

Property prices in Monaco are already high due to the lack of land - in the past one of the districts, Fontvieille, had much of its area reclaimed from the sea, but property prices there equal those of the better known Monte Carlo.

One of the best known buildings in Fontvieille, Seaside Plaza, has average prices of three to four million Euros for a three bedroom apartment, and a four bedroom four bathroom one is currently on the market at close to ten million Euros.

In recent years the British economy has consistently been one of the strongest in Europe, and with a top rate of income tax cut a decade ago to forty per cent the wealthy have become wealthier - and want to stay that way.

'Despite the top rate of tax coming down to forty per cent', comment the travel guide, 'By the time other direct taxes such as National Insurance are taken into account around half of top earners salaries are - as many of the Monaco property buyers from Britain see it - being lost to the Inland Revenue. By moving to Monaco they effectively double their disposable income.

When you go to hotels in Monaco and see a couple with estate agent details on the table and a map of Monte Carlo with various places highlighted, there's an almost even chance that they will be British. A lot more than just a couple of years ago. They like Monaco, the security, the tax advantages and the closeness to London'.

About the Author

The 2007 Monaco Grand Prix and Monaco weather are among the subjects covered by YourMonaco.com

Details of property for sale in Monte Carlo are at monacoproperty.net

How much will it cost to repair exhaust on a 1997 monte carlo?

I need to put an entire new exhaust on my 1997 monte carlo and just wanted to know how much this is going to put me in the hole on money. thanks

from the catalyic converter back would be about $200 but if you have to replace all the exhaust it could be double or a little more than that.

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