Baby boomers might be more likely to buy annuities if they knew more about annuities.
Researchers hired by Guardian Life Insurance Company, New York, gathered data supporting that conclusion in September 2005, when they surveyed 400 U.S. baby boomers ages 50 to 59.
Fewer than 14% of the participants said they own annuities, and 70% of the participants without annuities said they had never even considered buying annuities.
About 49% of the participants without annuities said they did not know enough about annuities to consider buying the products, according to Guardian.
But 57% of the participants said they fear that stock market volatility will hurt their retirement income, and 71% said they found the idea of owning a retirement vehicle that provides a steady stream of retirement income to be very appealing