Aug 09, 2012 --- A LIMRA
study of annuity buyers found the top reason consumers gave for buying their
annuity is to supplement their Social Security or pension income. ---
The second most popular reason is to accumulate assets for
retirement; this is especially true for individuals younger than age 60.
Receiving guaranteed lifetime income is also a concern, especially for buyers
ages 60 and older.
Annuity buyers’ single most important financial objective is
to have enough money to last their and/or their spouse’s lifetime. Only about
one in four annuity buyers are very confident that their assets will last
throughout their retirement.
“Knowing they will have sufficient
assets and income in retirement continues to concern consumers,” said Joseph
Montminy, LIMRA assistant vice president, annuity research. “But the recent
economic crisis and continued market volatility has made guaranteed income more
valuable to consumers.”