Deciding whether to buy an annuity is one of the more complicated calculations an investor might have to make. Not all annuities are the same. Nor are investors. And a new study from Boston College says that demographics play a crucial role in determining the value of an annuity to any given investor.

The Center for Retirement Research at Boston College’s new study, “What Is the Value of Annuities?”, looks at the investment vehicle through two lenses: