Immediate Annuity Income Target Rises 6%

July 16, 2024 by Allison Bell

U.S. income annuity shoppers are willing to pay more, and they seem to expect income needs to increase more than the Social Security cost-of-living adjustment rate, according to new annuity search data from Cannex Financial Exchanges.

Shoppers who looked for single-premium immediate annuities in the second quarter asked for prices with an average premium of $362,802, up 6.5% from the average recorded a year earlier.

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Originally Posted at Think Advisor on July 12, 2024 by Allison Bell.