No. of Recommendations: 0
With all the negative press on annuities, I'm surprised that a type of annuity--the single-payment immediate annuity (SPIA)--is not mentioned. These "annuity salesmen" are selling deferred annuities, not the SPIA. With an SPIA, you're basically buying yourself a pension that begins right away. Under the right circumstances, using a portion of one's assets for this product can be prudent for a retiree. I know that both Vanguard and Fidelity, in addition to insurance companies, offer them.
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