Quote:
Originally Posted by retiredguy123
In my experience, annuities are sold everywhere because it is one of the highest commissioned products for an insurance salesperson to sell. Often, an inexperienced person will be sold an annuity, and they don't even know that they are buying an annuity. An annuity is a life insurance contract.
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A more accurate description would be an annuity is a contract sold or underwritten by an insurance company.
My mother bought a guaranteed annuity in her 60s and lived to be 93. That investment paid off many times over. Could she have earned more by investing herself? Sure - if she understood the market and was willing to invest the time. She was very happy with her choice.