Consumers Show Highest Interest in Annuities in 2021 in Last 13 years!
According to research provided through LIMRA’s Secure Retirement Institute, consumers purchased more annuities in 2021 than they have during the last 13 years as total annuity sales in the United States were $254.8 billion. Last year marks a 16% increase in annuity purchases and marks the third highest sales recorded in history.
What type of annuities did consumers choose to buy in 2021?
- Fixed Indexed Annuities (FIAs): $63.7 billion – up 15% from 2020. FIAs showed the most growth for these type of annuities in the last three years.
- Fixed-rate Deferred Annuities: $53.4 billion – up 2% from 2020.
- Immediate Income Annuities: $6 billion – down 5% from 2020.
- Deferred Income Annuities: $1.9 billion – up 14% from 2020.
- Variable Annuities: $125.6 billion – up 27% from 2020.
- Traditional Variable Annuities: $86.6 billion – up 16% from 2020.
- Registered Index-Linked Annuity (RILA): $39 billion – up 62% from 2020.
Annuity Alliance provides this information as educational only and should not be utilized to purchase an annuity. If you are looking to purchase an annuity product, Annuity Alliance can connect you with a licensed professional to give you production options that best fit your current retirement strategy.