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Oft maligned for high fees and low returns, annuities have long been viewed as an option reserved for the stodgiest of investors. Today, however, annuities are making a comeback as a savvy retirement planning vehicle.
What’s changed? People are realizing they could live a very long time.
With one in eight 65-year-old men and one in five 65-year-old women now living to 95, baby boomers have good reason to worry that they might last longer than their money. Then, too, the ups and downs of financial markets in recent years have made clear the damage that a few bad years can do to a retirement portfolio.
“People are looking for an income stream that they can’t outlive,” says Dana Levit, a financial planner with Paragon Financial Advisors in Newton.