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"The annuities puzzle"

Arnold Kling:

Among economists, it’s sometimes known as the “annuities puzzle”: Why don’t people buy annuities as frequently as one might expect?

I think that the puzzle is why economists insist that annuities are a terrific idea.

I agree. Even if you can distinguish the scams from the legitimate ones and if you can figure out which companies you can trust to pay you, I still don't understand why it's necessarily good to tie up your money.

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