Consumers looking to bolster their Social Security or pension income, or looking for a guaranteed lifetime income, are buying annuities.
Those are the top two reasons for annuity purchases, according to a LIMRA Secure Retirement Income study of annuity owners. According to its research, the primary source of income for 70 percent of retirees is expected to change from the current primary sources of Social Security and pensions.
But when looking at preretirees (ages 55 and older, not retired) and workers ages 40–54, it’s a different story. With just 49 percent of preretirees and only 32 percent of younger workers saying […]
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