Aren’t annuities only for the rich?
No. Demographic data shows that over three-fifths of non-qualified annuity owners have total household incomes of less than $75,000 per year and nearly two-fifths have less than $50,000 per year (Gallup, 2001 Survey of Owners of Non-qualified Annuity Contracts). The same survey shows considerable diversity among non-qualified annuity owners: 52 percent are male and 48 percent are female; the average age is 65; while 56 percent are retired, 31 percent are employed full time; and although 20 percent did post-graduate work or have a graduate degree, 26 percent did not continue their education beyond high school. Among immediate annuity owners, 64 percent earn less than $50,000, according to Mathew Greenwald & Associates/National Research.
