Annuity Market Will Cool in 2023 as Interest Costs Soar: Expert Forecast

Annuity Market Will Cool in 2023 as Interest Costs Soar: Expert Forecast
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A tumbling stock market and higher interest rates are forcing consumers to buy annuities.

According to LIMRA, a trade group for the insurance industry, annuity sales in the third quarter of 2022 approached $80 billion, just beating the $79.4 billion record set in Q2. It’s an impressive 27 percent increase over last year.