Annuities: The Pros and Cons
In the wake of the stock market crash and rising interest rates, consumers are buying annuities. In fact, in the third quarter of 2022, insurance industry trade group Limra estimates that annuity sales totaled almost $80 billion — just beating the Q2 record of $79.4 billion. As of 2022, consumers are expected to purchase almost $300 billion in annuities. Compared to 2008, which was the previous record year, this would smash it by a wide margin. Fear of stock market volatility and a recession seems to be driving many purchasing decisions, just like during the 2008 financial crisis. In June, the...