Wade Pfau Takes a Balanced Look at a Retirement Product Some Advisors Love to Hate
July 26, 2022 by Ed McCarthy
Variable annuities are big business. According to LIMRA, total variable annuity sales were $32.3 billion in the fourth quarter of 2021, an increase of 17% from the prior year. For the full year 2021, total sales were $125.6 billion, 27% higher than the prior year.
But if you want to start a debate among financial advisors, bring up variable annuities’ possible role in clients’ retirement income plans. Variable annuity fans will tout their flexible benefits as the Swiss Army knife of financial tools, while critics will cite the products’ complexity and high fees as anti-consumer deal-killers.
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