Out of work and looking for income: Can annuities help?
Annuities are one of the leading recommendations for near retirees who are concerned about running out of money. But they are also poorly understood by many consumers, and that puts people at risk for being sold inappropriate products in amounts that represent an outsize proportion of their savings.
March 15, 2021 7 MINS
As many as several million older people have been forced out of work early amid the pandemic, and some are turning to annuities for a considerable chunk of their retirement income.
As insurance products, annuities are one of the leading recommendations for near retirees who are concerned about running out of money. But they’re also poorly understood by many consumers, which puts people at risk of being sold inappropriate products in amounts that represent an outsize portion of their savings.