There’s been a lot written recently about the “annuity anomaly.” You know what that is. That’s the idea stating the “rational man” will buy an annuity under certain, specific circumstances. That’s what all those fancy academic experiments tell us. Trouble is, once you move those certain, specific circumstances off the blackboard and into the real world, people behave differently. 

Now, I know what you’re thinking. You’re thinking, “Oh, this is just another one of those articles about the well-documented problems with Modern Portfolio Theory.” If that’s what you’re thinking, then this is what I say to you (in my best Nelson Muntz – he’s the bully on the Simpsons – impersonation): “Ha ha!” 

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