With many still wary of the stock market at the same time Americans are living longer than ever, annuities are becoming an increasingly popular option to provide a guaranteed income stream in retirement.

According to the Society of Actuaries, males have a 40% chance and females a 50% chance of living to age 85 if they reach age 65 and are in average health. And 64% of retirees say they would save more if they were to live five years longer than expected.

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