Sales of immediate annuities have soared recently, as soon-to-be retirees look for a way to insure their incomes against an unsteady stock market.
The annuities, which provide small lifetime payments in exchange for a lump sum of cash, were historically unpopular because of their many restrictions.
Yet brokers say they've become more in demand lately, because they typically offer a higher rate of return than living off the interest on a nest egg.
(The preceding report from the Wall Street Journal appeared on the Web site www.smartbrief.com on April 20, 2009.)
