00:00 Speaker A
In 2024, annuity sales rose 13% from the year prior, reaching $434 billion according to research and consulting organization, Limra. The firm says favorable economic conditions and growing investor awareness around annuities helped propel that growth. But our next guest says that annuities are not for everyone. Here with more, we’ve got John Shrewsbury, who is the Genworth Financial advisors co-owner and managing principal. John, good to have you here with us. So, let’s start with exactly what annuities are for those who are not exposed.
00:46 John Shrewsbury
So, an annuity is a contract with an insurance company, and what you’re contracting to do with that insurance company is to provide you a regular, predictable stream of income during retirement. I say annuities are not for everyone because if you’re not heading toward retirement or in retirement, you probably…
