An annuity is often called “long-life insurance.” Annuities are contracts made with an insurance company where the investor pays a sum of money to guarantee a series of periodic payments that will last as long as the annuitant lives. For example, during mid-2014 a $1,000,000 premium for a fixed lifetime annuity would purchase an average annual income stream of about $68,000 for a sixty-five-year-old male. If a sixty-five-year-old couple retired and desired a joint and survivor option (that provided payments as long as either member of the couple was alive), the million dollars would provide
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