Expert: Simple annuities can be a wise choice for people 60 and older

Income annuities tend to be straightforward products that avoid the need to make systematic withdrawals from retirement portfolios, which are factors that could help retirees and pre-retirees aged 60 and older, said Jamie Hopkins of The American College of Financial Services. "For people with low literacy rates who are probably not able to manage portfolios and systematic withdrawals, it makes a lot of sense to come up with simple plans and strategies that are implementable," he said.

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