TY - JOUR T1 - An Analysis of Non-Qualified Tax-Deferred Annuities JF - The Journal of Investing SP - 73 LP - 85 DO - 10.3905/joi.2000.319414 VL - 9 IS - 2 AU - William R Reichenstein Y1 - 2000/05/31 UR - https://pm-research.com/content/9/2/73.abstract N2 - For a range of projected bond and stocks returns and a range of investment horizons, this study compares projected after-tax retirement incomes from average-cost and low-cost non-qualified annuities and, respectively, a low-cost index fund and an average-cost mutual fund. It concludes that the average-cost annuity almost always provides less income than an index fund. For investment horizons shorter than twenty years, the annuity usually provides less income than an average-cost mutual fund. In short, the average annuity's costs exceed its benefits. ER -