Given that I have never dealt with annuities and given that I have never liked them (because investment texts degrade them because of their high cost and complexity), it has been really interesting for me to discover that academics love annuities. There seems like almost universal support for annuities as the solution to retirement income spending needs (at least deferred income annuities).
The initial investment for a lifetime deferred fixed annuity paying $1000/mo in 20 years is $26,894.
The PV of a deferred fixed annuity based on 20 years of monthly $1000 fixed payments is $57,108 (assuming 5% discount rate).
Looks like the annuity is a much better deal than trying to construct it yourself.
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