Why Were Annuities Created?

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   The first annuities were used in the Roman Empire. The Latin word “annau” translated is annual, but represented annual stipends and evolved into annual contract payments. In America, annuities were granted special tax favored treatment under the IRS code with tax deferred accumulation.

   Answered on September 8, 2013

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