Annuities have become big business. Baby boomers are retiring in record numbers. Having experienced the market turmoil and uncertainty of the past five years, many of them want investments that offer an element of stability and security.
When chosen carefully annuities can protect consumers against outliving their money and protect against stock market volatility–features which are not available in traditional stock or mutual fund accounts. But with his protection comes additional costs, restrictions and fees, which consumers must review before considering an annuity purchase.
An annuity contract is a method of converting wealth into a stream of income. An investor gives money to an insurance company. In exchange the insurance company agrees to provide the investor with a benefit at a future date. The two most common promised benefits are an immediate life-long income stream (an “immediate annuity”) and the promise of growing an account balance into the future (called a “deferred annuity”).
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