U.S. income annuity buyers seem to be waiting longer for their income streams to start.
Cannex Final Exchanges Ltd., a financial product pricing information firm, has put data on income annuity benefits start dates in an analysis of the transactions processed through its own quote system.
Cannex included only quote requests submitted by advisors and annuity support desks that pay to use Cannex services.
About 67% of the quotes run in the second quarter were for income annuities with benefits streams starting in fewer than 13 months.
That was down from 74% in the second quarter of 2019, and down from 73% in the second quarter of 2018.
The percentage of queries involving annuities with benefits streams starting at least 13 months in the future increased to 33%, from 26% in the year-earlier quarter, and 27% in the second quarter of 2018.