More from CIFS:
It is a widespread belief that annuities only make sense for high-net-worth individuals who have significant income to contribute to the product. However, a recent study found that most annuity owners are actually middle class.
The Survey of Owners of Individual Annuity Contracts, conducted by Gallup, was released in 2022 for the first time in nearly a decade. It includes several new insights into the people who buy annuities. One major takeaway is that Americans don’t have to be rich to be interested in annuities.