The atypical annuity purchaser

I purchased my first annuity when I was in my 20s. I actually regretted the fact that I hadn't bought it years earlier. Why would I even explore retirement options if my employer was endorsing the 401(k)? It never occurred to me not to use a 401(k) plan as my retirement income vehicle.

Until the turn of the century.

I lost tons of money when the market collapsed in the 2000s. I didn't even know that you could lose money in a 401(k); I never read the prospectus. It was only when I complained about my losses that my boss suggested an indexed annuity may be more appropriate for me, based on my risk tolerance. Wow. That would have been great information a couple of years prior. Nonetheless, I rolled my remaining 201(k) into an indexed annuity that same year.

An opportunity awaits

Findings suggest that if young people were educated on their choices for retirement income vehicles, sales of annuities could easily surpass contributions to other retirement plans. And with the number-one fear of Americans now being "outliving one's income" during retirment, that sounds like an opportunity to me.

Younger prospects need to know about the benefits of annuities.