Annuity

An annuity is a contract with an annuity provider, such as a life insurance company. Annuities are purchased as a lump sum payment (single premium) or through multiple payments over a time period. The annuities sold in Canada are overwhelmingly fixed (as opposed to variable) annuities: they provide the annuitant with a guaranteed regular income, either for life (life annuity) or for a certain term. Upon annuitization, the holding institution will issue a stream of payments at a later point in time, either soon (immediate annuity) or after a delay which can reach many years (deferred annuity).
A typical use of annuities is to provide retirement income. Given a certain amount accumulated for retirement, when it is time to generate income, you can either manage it yourself, for example in a Registered Retirement Income Fund (RRIF), buy an annuity, or do a combination of both (known as partial annuitization).Jonathan Chevreau, RRIF or annuity? How about both, MoneySense, March 2, 2018, viewed May 6, 2018.Fred Vettese, Annuities: The best financial product no one really wants, Financial Post, September 4, 2012, viewed May 6, 2018. The main type of annuity used for retirement income planning is the single premium immediate (life) annuity (SPIA). It provides a regular, usually monthly, income during the life of the purchaser, with the option of payments continuing for the life of the surviving spouse. There is also the option of a guaranteed minimum number of payments, but taking either or both the options would reduce the annuity's regular payment. In a life annuity, the received payments are a combination of interest earned, a return of capital and a transfer of capital from annuity holders who die earlier than statistically expected to those who live longer than expected.
A newer option to provide longevity risk protection is the advanced-life deferred annuity (ALDA). Those are purchased upon retirement with payments only starting in old age, so they are cheaper than SPIAs. Unfortunately the ALDA market is still in its infancy in Canada. In the SPIA or ALDA form, the academic literature strongly favours life annuities since they provide an "excellent hedge against one’s longevity risk".Boyer MM, Box-Couillard S, Michaud PC (2020) Demand for annuities: Price sensitivity, risk perceptions, and knowledge. Journal of Economic Behavior and Organization 180:883–902, also available as a HEC working paper.MacDonald B-J et al. (2013) Research and Reality: A Literature Review on Drawing Down Retirement Financial Savings. North American Actuarial Journal, v. 17, p. 181-215, preprint available from SSRNviewed April 2, 2018. Yet only about 10% of Canadians aged 55 to 75 own one according to one survey; this is known as the "annuity puzzle".
Fixed term annuities can also be used either for retirement or for other goals. Variable annuities are very popular in the US; in Canada they are called segregated funds. Insurance companies also offer "accumulation annuities", which are similar to guaranteed investment certificates.
This overview article covers the main annuity types available in Canada. It starts with annuity basics, then covers the main annuity types and taxation considerations. The article also covers payout rates, reviews advice about buying an annuity, and summarizes consumer protection measures that are in place.
==Annuity basics==
For all annuities:
* Annuities are purchased from insurance life companiesOntario Securities Commission, How annuities work, viewed May 6, 2018.Milevsky MA, Young VR(2007) Annuitization and Asset Allocation, Journal of Economic Dynamics and Control 31:3138–3177, preprint available from arXiv, viewed April 30, 2023.
For fixed annuities (life or term):
* You typically pay a lump sum, which is typically transferred from an RRSP, an RRIF, a non-registered account or a pension plan
* The money is returned to you, with interest, in regular payments
* You can choose to receive payments for a set number of years or for the rest of your life
* You can receive monthly, quarterly, semi-annual or annual payments
* For a given lump sum, annuity income depends on current interest rates, your age, your gender, your health, any guarantees or options, and the annuity providerOntario Securities Commission, 6 things that affect annuity income, viewed May 6, 2018.
==Single premium immediate (life) annuity==
Canadians are generally familiar with Single premium immediate (life) annuities (SPIAs), which provide a fixed payout for life. Payouts are a function of two things: mortality tables and interest rates. As with life insurance policies, the annuities marketed by life insurance companies pool mortality risks, and payout rates are partially determined by actuarial calculations of the probabilities of some people dying before their average life expectancy and some people exceeding their life expectancy. Payouts also depend on bond interest rates. 
A SPIA is like life insurance in reverse. Milevsky MA (2002) How to Completely Avoid Outliving Your Money, viewed April 27, 2023. With life insurance, you make a series of payments to the life insurance company (the monthly or yearly premia) and your heirs receive a lump sump (the death benefit). With a SPIA, you supply a lump sum to the life insurance company and you receive back a series of regular payments (made monthly, quarterly, semi-annually or annually), typically for life. So SPIAs are a form of longevity insurance.
SPIAs come in two different forms, single or joint. Single Life annuities pay a periodic income as long as the sole annuitant is alive. Joint Life annuities pay a periodic income as long as one of the two joint annuitants is alive. Another option is to select a guarantee period during which periodic payments will be made whether or not the annuitant(s) is/are alive. Those options reduce payouts.
Most SPIAs sold in Canada pay a fixed amount per payment, with no indexation for inflation. Indexed annuities are rare and payments typically increase by a fixed percentage every year (e.g., 2%) rather than being indexed to the actual cost of living.Lifeannuities.com (a broker), Why Buy An Index Annuity?, June 26, 2023, viewed February 26, 2024.
When purchasing an annuity with non-registered (post-tax) funds, there are two possibilities in terms of the tax treatment: prescribed or not. The income tax treatment is generally better for prescribed than for non-prescribed annuities. Details are discussed below under "Taxation".
==Fixed deferred (life) annuities==
With a fixed deferred annuity, you pay a lump sum today and get a stream of regular monthly payments in the future, starting after a specified delay. One purpose of this product is longevity insurance. For example, you could set up a ladder of bonds (nominal or real return bonds) to cover retirement income needs for the first 20 years, and use a fixed deferred life annuity to provide income afterwards.Shankar, S Gowri (2009) A New Strategy to Guarantee Retirement Income Using TIPS and Longevity Insurance. Financial Services Review, v. 18, no. 1, p. 53–68.Sexauer SC, Peskin WM, Cassidy D (2015) Making Retirement Income Last a Lifetime. Financial Analysts Journal, v. 68, no. 1, p. 74–84. This strategy avoids the loss of liquidity associated with immediate annuities, yet covers the longevity risk. In U.S. examples provided in the linked journal articles, the proportion of capital used to buy the deferred life annuity is about 10%, and the rest goes into the bond ladder. Instead of having to plan for wealth decumulation over an uncertain lifespan (in a self-managed drawdown scenario), the retiree has "the much simpler task of decumulating over a fixed period ending on the date that the (deferred life annuity) payments commence".Blanchett D (2014) Determining the Optimal Fixed Annuity for Retirees: Immediate versus Deferred, Journal of Financial Planning, August 2014 issue.
Advanced-life deferred annuities (ALDAs) were previously problematic in Canada because of the tax treatment.Macdonald B-J (2018) Headed for the Poorhouse: How to Ensure Seniors Don’t Run Out of Cash before they Run Out of Time. C.D. Howe Commentary No. 500, 15 p. However, the 2019 federal budget amended the tax rules to allow them starting January 2020.Government of Canada, 2019 Federal budget, Advanced Life Deferred Annuities , viewed June 28, 2020.Jonathan Chevreau A new kind of annuity designed to help Canadian retirees live well, for longer, MoneySense, May 21, 2019, viewed June 28, 2020.Jim Otar, ALDAs: to buy or not to buy, Advisor's Edge, February 7, 2020, viewed June 28, 2020. The new rules include a new maximum age at which an annuitant can defer payments and a new amount limit. More specifically, ALDAs are purchased using plans such as RRSPs and RRIFs, with a limit of 25% of the plan value or $150k; payments have to start no later than the end of the year when the annuitant attains an age of 85.
A secondary benefit of ALDAs is that they lower the minimum payments from RRIFs, so reduce taxable income early in retirement. What’s going on with ALDAs and VPLAs?Investment Executive, November 21, 2022, viewed April 26, 2023. As of late 2023, only one insurance company has started to offer them.Wealth Professional, Desjardins launches Canada's first ALDA for deferred retirement withdrawals, December 7, 2023, viewed December 10, 2023. Unless they are in a hurry, retirees may wish to wait until the market becomes more competitive, before buying an ALDA.
==Term certain annuities==
Term certain annuities are fixed annuities that pay a periodic income for a specific predetermined length of time or number of payments. Payments can be immediate or deferred (e.g., Sunlife (an annuity provider), Term certain annuities, viewed February 26, 2024.). If you die before the end of the term, the payments will go to someone you name as your beneficiary, or to your estate. Since you (or your heirs) are certain to get a known number of payments, there is no mortality risk pooling involved (unlike in life annuities), and payments do not depend on the age of the purchaser. Payments depend only on interest rates and the selected term (payment period); economically this corresponds to a portfolio of zero-coupon bonds (strips).Milevsky MA (2013) Life Annuities: An Optimal Product for Retirement Income, Research Foundation of CFA Institute, viewed February 23, 2024
Term certain annuities bought with money from an RRSP or RRIF must extend to age 90. Those could be used for retirement income purposes, but what if the annuitant survives past the age of the last payment? A life annuity (SPIA) does not have this uncertainty (and benefits from mortality risk pooling).
Term certain annuities purchased from non-registered funds are more flexible. They can be used to fund "obligations or commitments that have a known time frame".lifeannuities.com (a broker), Term Certain Annuity - Updated 2023, viewed February 26, 2024. A specific example would be to provide income during early retirement, before other benefits or pensions start. Or perhaps to fund child support payments until the child turns 18, as part as a divorce.FWF post by brucecohen, January 7, 2019 Many other applications can be envisaged. At one provider, payments can last between 3 and 40 years.
On the other hand, using a lump sum to provide level income over a relatively short time frame does not require the purchase of an annuity (which involves commissions, etc.). Suppose that the application is providing 5 years worth of income, starting immediately. The investor can simply place the first year in a High-interest savings account (HISA) and set up a declining ladder of Guaranteed Investment Certificates (GICs) (1, 2, 3, 4 years) with annual interest payments for the last four years. All interest payments and principal repayments from the GICs are deposited into the HISA. A few minutes with a spreadsheet might be required to produce an exactly equal amount of income every year, but this is not rocket science (see declining GIC ladder for detailed explanations). At the very least, the investor should compare this option with what life insurance companies are offering. For longer payment periods, the term certain annuity might be convenient.
==Accumulation annuities==
Accumulation annuities are also known as Guaranteed Interest Account (GIA), "guaranteed interest contracts", and "guaranteed interest annuities". They are a deposit or fixed income product similar to a Guaranteed Investment Certificate (GIC).
==Variable annuities and GMWBs==
Variable annuities are widespread in the US market. The Canadian equivalent, thanks in part to tax differences, is a segregated fund. Segregated funds are akin to mutual funds but with additional insurance features, and significantly higher fees. They offer a maturity guarantee of 75% to 100% on the initial investment on the 10th anniversary. They also offer death guarantees of 75% or 100% upon death of the annuitant. Finally, they offer a free pass through probate fees for an estate, and against creditors should a bankruptcy occur. 
A number of Canadian life insurance companies have remodelled segregated funds to mimic American-style variable annuities. These are segregated funds marketed as having a guaranteed minimum withdrawal benefit (GMWB).
==Taxation==
===Annuities purchased with registered funds===
If you buy an annuity with money from a pension plan, RRSP, or RRIF, your annuity payments will be fully taxed (i.e. taxed as regular income).
===Annuities purchased with non-registered funds===
For annuities purchased with money from non-registered accounts, the regular payments will be partly taxable. Specifically, income earned (with after-tax dollars) from an annuity is treated as a blend of ordinary income (taxable interest) and return of capital ( principal). 
====Non-prescribed====
With a non-prescribed annuity -- the default version -- the "accrual" method of taxation is used. In the early years, the annuity payments will be considered mostly interest for tax purposes, and taxed at your MTR. Income from the later years is mostly return of capital with a lower tax bill.
====Prescribed====
A prescribed annuity, also purchased with non-registered funds, rearranges the taxable events leveling the blend of ordinary income and return of capital.Rino Racanelli, Annuities: Good Income Option For Retirees Despite New Tax Rules, Canadian MoneySaver, June 1st, 2017, viewed April 24, 2023. This reduces the tax due in earlier years and increases it in later years if the purchaser lives that long. This is an example of age arbitrage. 
Conditions upon which a contract is considered a prescribed annuity are described in Canada's Income Tax Regulations, subsection 304. Prescribed annuities issued from year 2017 onwards use an updated mortality table, resulting in a longer assumed life expectancy and a larger taxable portion of payments than before.Manulife (an annuity provider), Prescribed annuities issued after 2016: Impact of the legislation, viewed April 24, 2023.
===Back-to-back annuities===
Back-to-back annuities are a part of insurance jargon. The principle is to fund a prescribed annuity and to take the payments from the annuity to buy a life insurance policy. The annuity and life insurance should be bought from different companies. Upon death, the principal behind the annuity will pass on "tax-free" to the heirs. But it's not actually tax-free, since the annuity was paid for in after-tax dollars and life insurance companies paid premium and perhaps capital taxes; instead, it's a mortality arbitrage, since a healthy person might get a lower premium rate on the life insurance policy versus the general pool of annuity policy holders.
This strategy is sometimes called an insured annuity.Ontario Securities Commission, Using annuities for other financial planning goals, updated September 22, 2023, viewed February 25, 2024.
For more discussion on the taxation of annuities, see How Are Annuities Taxed?.
===Charitable gift annuities===
Charitable gift annuities involve a donation (which can be in cash or "in kind"; such as a stock) to a registered charity, which offers a stream of regular payments in exchange.CRA, Charities and giving glossary, Annuities, viewed March 13, 2024.Canadian Charitable Annuity Association, What is a charitable annuity?, viewed March 13, 2024. The payments, which typically begin immediately, can be for life or over a fixed period.
There are two types.RBC Wealth Management, Charitable Giving, March 2015, viewed March 13, 2024Charity e-news, Annuities - To self insure or not, that is the question, February 13, 2020, viewed March 13, 2024. The first type, called "self-managed", involves the charitable organization managing the funds. The charity gets to keep whatever has not been spent on the regular payments at time of death, to use for its programs. With the second type, called "re-insured", the charity keeps a portion of the funds for its immediate use (20% or more) and buys an annuity from a life insurance company with the rest, to provide the regular payments to you. According to RBC, "The Income Tax Act treatment of charitable annuities determines that the eligible gift amount is equal to the excess of the amount contributed by the donor over the amount that would be required to purchase an annuity from an arm’s length third party to fund the guaranteed payments". So for both types of charitable gift annuities, the tax credit receipt will be the same, as else equal.
In terms of the tax treatment of regular annuity payments, the CRA writes that "Charitable annuities issued after December 20, 2002, will be taxed in the same manner as all other annuity contracts are taxed under the Income Tax Act. Assuming the annuity is a "prescribed annuity contract" as defined in subsection 304(1) of the Income Tax Regulations, annuity payments are included in the taxpayer’s income in the year the payments are received, and the taxpayer may claim a deduction in respect of the capital element of the payments."Canada Revenue Agency, Registered Charities Newsletter No. 27 - Fall 2007, viewed March 13, 2024.
If marketing materials for charitable gift annuities present a comparison with GICs, be aware that annuity payments involve a portion of your capital being paid back to you (return of capital), whereas GIC interest payments do not. So of course the regular payments from an annuity will be higher than GIC interest, but that is a misleading comparison. The correct comparison is with a prescribed annuity without the charitable gift component; this will obviously generate a higher monthly income because no donation is involved. 
It is a lot easier to think about your retirement income needs (and decumulation strategies) separately from your charitable endeavours. In the case of a "re-insured" charitable gift annuity, the obvious alternative for retirees interested in guaranteed lifetime income using non-registered funds is to buy the prescribed life annuity directly from a life insurance company (without the charity acting as intermediary), using an amount of capital required to provide the desired guaranteed retirement income. If there is capital left for a charitable donation, this can be done now or later, and the amount of the donation has no relation with your retirement income needs. The donation could be less than 20% of the annuity premium, or a lot more if you can afford it: those are separate decisions.
In the case of a "self-managed" charitable gift annuity, significant due diligence is required because charities don't have to follow the same strict rules as life insurance companies when managing the money in the annuity pool.
==Payout rates==
===Are prices fair?===
There is a perception that annuity prices are not actuarially fair, since insurance companies want to make profits, they have administrative costs, and there is the problem of adverse selection. One way to address fairness (or "actuarial neutrality") is the money's worth ratio, which is "the ratio of the present value of the stream of benefits (the annuity) will pay, divided by the current price of such a contract".
Nielson (2012)Nielson NL (2012) Annuities and Your Nest Egg: Reforms to Promote Optimal Annuitization of Retirement Capital, C.D. Howe Institute Commentary No. 358, 24 p. calculated the money’s worth ratio of annuities in Canada in 2009. She found the ratio was close to or above 1, "implying that Canadian purchasers were getting attractive prices in the marketplace at that time". Her explanation was that "the sale of annuities offers a natural hedge to the mortality risk posed by the sale of life insurance products. In other words, most annuities are sold by insurers that have a large portfolio of life insurance policies also tied to mortality – but in the opposite direction. The sale of an annuity reduces the overall risk faced by the firm".
Boyer et al. (2020) calculated the money’s worth ratio for annuities in Canada based on June 2017 annuity prices, interest rates, and survival probabilities. They found average ratios close to 1 based on the Statistics Canada life expectancy tables, but slightly less than 1 (i.e., 0.94) using micro-simulation forecasts that "simulate the future health of individuals based on a rich set of demographic and health dimensions". They note that such calculations are highly dependent on the discount rate used. 
For example, if we assume that the insurance company is investing in corporate bonds instead of risk-free government bonds, the money’s worth ratio could be 85-90% instead of 100-105% based on the period 2000-2006.Milevsky MA (2010) Annuities and their Derivatives: The Recent Canadian Experience. Wharton Pension Research Council, Working Paper, eventually published as chapter 4 in "Securing Lifelong Retirement Income", 2011, Oxford University Press, ISBN 0-19-959484-9 On the other hand, if the purchaser assumes that annuity payments are indeed risk-free, then government bonds provide an appropriate discount rate.
===Current payout rates===
Current payout rates for annuities can be found at Cannex and LifeAnnuties.com.
===Cost of options===
Options and guarantees reduce monthly payments. The Ontario Securities Commission gives the following examples for a 65 year old male buying $100k of annuity with non-registered funds:Ontario Securities Commission, 3 common annuity options, viewed May 6, 2018.
* Straight life (no options) = $536 per month
* Life plus 5-year guarantee = $531
* Life plus 10-year guarantee = $515
* Life plus joint-and-last-survivor = $435
===Historical data===
Ten years worth of yearly historical annuity rates are available here.
Historical weekly data from 2000 to 2013 can be found at Ifid. The Ifid data also include the Implied Longevity Yield (ILY),Milevsky MA (2005) The Implied Longevity Yield: A Note on Developing an Index for Life Annuities, The Journal of Risk and Insurance, DOI:10.1111/j.1539-6975.2005.00124.x., preprint available here, viewed January 26, 2021. which is a calculated internal rate of return that can be compared to current bond yields. For 2014 onward, similar data is available to CANNEX subscribers (for a fee).
==Buying an annuity==
Typical annuity quotes are for $100k of capital, but the minimum purchase amount for life annuities can range from $10k to $50k, depending on the company.MoneySense, How annuities work in Canada, July 17, 2023, viewed February 22, 2024.
There are three ways to buy an annuity:
# In person from a licensed insurance agent or broker
# Online or by phone from a broker or insurance company
# From a financial advisor who is licensed to sell insurance
Many people talk to their life insurance company. Once you know what you want, what is appropriate to your needs, you can also ask an annuity broker or your financial advisor to find the best deal for you. A broker shops around for the best deal for you from different companies.
===Sales commission===
According to the Ontario Securities Commission, the one-time sales commission "can be up to 3% of the lump sum you’re depositing".Ontario Securities Commission, Annuity fees, viewed May 6, 2018. The larger the annuity purchase, the lower the commission in percentage terms, for example:FWF post by OptsyEagle, February 29, 2024
*3.0% on 1st $100 000
*2.0% on next $100 000
*1.4% on next $200 000
*1.0% on the balance.
The commissions and all other costs should be included in the quoted prices (i.e. payout rates). So payout rates for larger premiums are better.
===Insurer ratings===
Check the insurer's A.M. Best financial strength rating before you buy an annuity. The insurers should have that up on their websites. The possible ratings are:
:
 A.M. Best financial strength rating scaleGuide to Best's Financial Strength Ratings, viewed March 4, 2014.
Rating category	Rating Symbol	Rating notches1	Comment
Superior 	A+ 	A++ 	"Superior ability to meet their ongoing insurance obligations"
Excellent 	A 	A- 	"Excellent ability to meet their ongoing insurance obligations"
Good 	B+ 	B++ 	"Good ability to meet their ongoing insurance obligations"
Fair 	B 	B- 	"Vulnerable to adverse changes in underwriting and economic conditions"
Marginal 	C+ 	C++ 	Same
Weak 	C 	C- 	"Very vulnerable to adverse changes"
Poor 	D 	n/a 	"Extremely vulnerable to adverse changes"
:1 Notches are gradations within the category. A second '+' is better, a '-' is worse. For example there are four A ratings: A++, A+, A, A-.
===Six steps===
The OSC recommends you take the following six steps if you purchase an annuity:Ontario Securities Commission, Buying an annuity - Six steps, viewed May 6, 2018.
# Decide how long you want to receive payments for (fixed term or life)
# Decide what options you need
# Compare prices (shop around), including any up-front commissions, and "buy only from a strong life insurance company with a high credit rating"
# Decide on how often you want to receive payments
# Choose a beneficiary, if applicable
# Review and sign the contract
===Right of Rescission===
====Quebec====
In Quebec, if you change your mind after buying an annuity, you have ten days to cancel or "rescind" your contract in writing; this is also known as the "free-look" period. This right comes from article 440 of the "Act respecting the distribution of financial products and services (chapter D-9.2)". When rescinding your contract, use registered mail or a form of transmission that provides an acknowledgment of receipt.
====Other provinces====
In other provinces, CLHIA Guideline G10 asks life insurers to provide a 10-day "free look" period for individual life insurance purchases, but exceptions to the guideline include annuity contracts.Canadian Life and Health Insurance Association (CLHIA), 10-Day Insurance Contract Rescission Right (Guideline G10), release date September 30, 2009, viewed October 6, 2024.
It is still worth asking the agent if there is a free look period when buying an annuity.
==Consumer protection==
Assuris is the life-insurance company insurance organization. 
===SPIAs and term-certain===
Assuris classifies SPIAs (life annuities) and term-certain annuities as "payout annuities". For those, annuity payments are protected, for each member insurance company, up to $5,000 per month or 90% of the promised Monthly Income benefit, whichever is higher.Assuris, Payout Annuity, viewed July 19, 2023. More specifically, "if your life insurance company fails, Assuris will ensure that the payments under your payout annuity will continue and (they) will seek to transfer your policy to a solvent company". During the transfer process, "your benefits will be adjusted to the greater of the Assuris protection or the recovery percentage achieved by the liquidator".
If you require more than $5000 a month of annuity income and you want 100% Assuris coverage, you can split your annuity purchases between two or more insurers (depending on the required monthly income). Buying several annuities from the same insurer does not increase Assuris coverage: you need to buy from different insurance companies.
===Accumulation annuities===
For accumulation annuities, the maximum protected capital is "$100,000 or 90% of your accumulated value benefit, whichever is higher".Assuris, Accumulation Annuity, viewed February 25, 2024.
===Segregated funds===
The Assuris guarantee is discussed in the segregated fund article.
==Alternatives to annuities==
The classic dilemma is should the retiree continue to self-manage wealth (e.g. in a RRIF) or buy an annuity such as a SPIA from a life insurance company. 
But if greater guaranteed inflation-indexed income is desired, an alternative to private market annuities is to defer Old Age Security and/or Canada Pension Plan/Québec Pension Plan. These income streams can be viewed as inflation-indexed annuities, which you can increase significantly by delaying them up to age 70. See Delaying OAS and CPP/QPP.
==See also==
*Preparing to retire
*Retirement income strategies and styles
*Withdrawal strategies
==References==
==Further reading==
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*Full list of topics that include annuit* in their title
==External links==
* A (US-focused) discussion of the basics of annuities can be found on the Bogleheads discussion forum. In US terminology, the type of annuity discussed below is termed a fixed-payout annuity. US variable-payout annuities are not discussed.
*Book excerpt, Retire like you've got a pension (from Pensionize Your Nest Egg: How to Use Product Allocation to Create a Guaranteed Income for Life by M. Milevsky and A. Macqueen; the excerpt provides a basic description of the role of annuities in retirement planning)
* Marie Engen, RRIF Or Annuity? Which One Is Right For You?, Boomer & Echo, June 9, 2016
* Rational Reminder podcast: Financial Economics and Annuities: Rational Planning for Retirement, August 2019 (interview with Alexandra McQueen)
* Rational Reminder podcast: Safety-First: A Sensible Approach to Retirement Income Planning with Wade Pfau, March 2020 (discusses annuities)
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