Still, Lane says some advisors have reason to take a second look at annuities. "Studies show that if you take out 4% of an account's value every year, there is a very real risk of running out of money in 25 or 30 years," he says. "Annuitizing a portion of a portfolio reduces the chance that a client will outlive his assets."

Advisors seem to be keeping an open mind, thanks in part to the paucity of income vehicles offering satisfactory yields in today's interest-rate environment. "Annuitizing isn't something we've done in the past," says Stephens. "But we don't disagree with the concept, and we aren't ruling it out."

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