Annuities were once a favored choice for Baby Boomers seeking security in retirement; however, their appeal is waning. Factors contributing to this decline include high fees, lengthy lock-in periods, and overall complexity, which require significant understanding of various annuity products. Moreover, many Boomers are becoming aware of alternative investment vehicles that offer income generation with lower risks and costs. Products like buffer ETFs have gained traction, leading to a shift in how this demographic approaches retirement planning and investment strategies.
Annuities, once popular among Baby Boomers for guaranteed income, are declining in favor due to high fees, complex structures, and lengthy lock-in periods.
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