Does everyone need an annuity?

There has been much healthy and heated discussion around the complexity and cost of annuities in recent weeks. Individuals are concerned about being locked into an annuity, particularly if they could die early in the term. Further, annuity rates have fallen sharply because of low bond yields. It seems perverse that savings accrued over many years are converted at a single point, based on prevailing financial conditions. There is also the problem of improving longevity. One approach is to defer retirement age. However, longevity is not advancing uniformly. The better off tend to enjoy lon...