NU Online News Service, June 18, 2003, 4:43 p.m. EDT – Sixty-four percent of U.S. holders of immediate annuities have annual household incomes of less than $50,000, and 63% have no pension income, according to a new profile of immediate annuity owners released by the American Council of Life Insurers, Washington.

Fifty-four percent of the holders used ordinary savings or other funds outside retirement accounts to buy the annuities.

Twenty-six percent of the holders used assets from employer-sponsored retirement plans to buy the annuities, and 24% used assets from individual retirement accounts.

Seventy-one percent of the holders have chosen a lifetime payment period, the ACLI says.