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Amid stock market gyrations, recession fears and loftier payouts, consumers last year pumped a record sum of money into annuities, a type of insurance that offers a guaranteed income stream.
Buyers funneled $310.6 billion into annuities in 2022, according to estimates published by Limra , an insurance industry trade group.That figure is a 17% increase over the prior record set in 2008, when consumers purchased $265 billion of annuities. That year, the U.S. was in the throes of the Great Recession and the S&P 500 Index ultimately bottomed out with a 57% loss from […]
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