Many retirees have a sum of savings and are need advice on how to manage these savings. They can buy a Life Annuity, but they don't like the idea of losing their capital on early death. They think that they need life insurance, which is not suitable for retirees, except to pay for the funeral expenses. They cannot get proper advice from insurance agents (or financial advisers) as they only keen to sell unsuitable life insurance policies to earn a commission. The best way for a retiree to manage the savings is to invest in an indexed fund and to draw down the amount that is required each month. This is explained in this FAQ. The retiree can get more information from my book, Practical Guide on Financial Planning or by attending the educational talks conducted by FISCA. By spending some time and money to be educated, the retiree can ......