Frank Burns, a manager at a commercial tire company in Spokane, Wash., has been the target of annuity sales pitches several times, but he has always demurred, wary of the products’ complexities and costs. So why, when he turned 57 this year, did he sink $500,000 of his nest egg into an annuity?
Quite simply, annuities are looking better than they have in years, thanks to rising interest rates. Yields and guarantees are more generous—up 10% or more over last year—and there are many more lower-cost options. These are enticing trends for folks like Burns who, hoping to retire in a few years, is eager to protect his investments as the bull market clocks its ninth year.
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