Annuities have been around for a long time, because they are an effective retirement investment. Recent innovation has made them even more attractive, and proof against black swan events like the Global Financial Crisis.
An annuity is an investment you buy for a one-off payment, that in return pays you a regular income.
Old style annuities only paid for a fixed term (usually based on average life span) so if you lived longer than average you could be left with no income. Income could also fluctuate with the market. There was no capital return on death.
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