Many retirees who own annuities are not quite sure why they own the annuities.
Researchers at Financial Research Corp., Boston, write about that finding in a summary of a recent survey of 574 retirees with a minimum of $100,000 in investable assets.
About 18% of the survey participants owned variable annuities and 20% owned fixed annuities.
Annuity ownership was more common among older retirees and among widowed retirees, the researchers write.