Annuity sales hit record last year, eclipsing sales during 2008 financial crisis amid fear, higher rates
Publishing timestamp: 2023-02-02 14:51:45
Summary
Annuity sales hit a record high of $310.6 billion in 2022 due to a combination of factors such as stock and bond losses, recession fears, and Federal Reserve raising interest rates. Different types of annuities offer different benefits, and financial advisors generally recommend using certain types to provide guaranteed income for necessities in old age. Consumers were especially sanguine about fixed-rate deferred annuities last year, and annuities have also benefited from the Fed's cycle of raising interest rates.
Sentiment: NEUTRAL
Tickers: US10Y, US3M, US2Y, .SPX, US3Y, US1Y,
Keywords: life insurance, u.s. 3 month treasury, u.s. 2 year treasury, lee baker, annuities, s&p 500 index, u.s. 10 year treasury, personal finance, retirement planning, business news, united states, carolyn mcclanahan,