Investors Embrace Annuities

Looking for shelter from the stormy stock market, older investors turn to insurance products.

The historic stock market meltdown has spooked investors of all ages, but those in and near retirement are the most vulnerable.

"Classic diversification strategies designed to shield investors from across-the-board losses are not working in this market," says Mark Cortazzo, senior partner of the Macro Consulting Group in Parsippany, NJ. "For retirees withdrawing money from a shrinking portfolio, their risk of failure -- the risk of outliving their money -- is dramatic."

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Mary Beth Franklin
Former Senior Editor, Kiplinger's Personal Finance