A fresh look at annuities

  @FortuneMagazine May 6, 2013: 8:36 AM ET
RET20 annuities
(Fortune)

Harold Evensky, a prominent financial planner based in Coral Gables, Fla., once proclaimed that he would wash his mouth out with soap if he so much as uttered the word "annuities." Lately Evensky has shocked even himself by changing his tune. "Now I think they are going to be a best investment," he says with a laugh. "I've got insurance friends who still remind me that I had been so pompous about never touching them."

The reason for the change of heart is simple: Retirees are being squeezed by low interest rates, volatile markets, and increased life expectancy. The prospect of running out of money is terrifying even for good savers.

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