Very few people buy life annuities. There’s something about giving an insurance company our hard-earned cash in exchange for a lifetime of monthly payments that gives us the willies. It causes us to look for the door.
There are lots of reasons for this: We don’t like giving up control of our money; we think it might be better to spend our money sooner rather than later; and we fear something weird happening, like being hit by a bus before we get our first payment.
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