Privately purchased annuities are gaining popularity, in part because the income flows that they guarantee for life serve as insurance against the risks of poor investment returns and of outliving one’s retirement resources. The Wall Street Journal featured an in-depth article on private annuities, explaining how they may appeal to some but not all retirees. The article quoted AACG economist Dr. Stan Panis. In a study on retirement well-being, Dr. Panis found that retirees with annuities or other lifelong, guaranteed income — other than from Social Security — were more satisfied in retirement and showed fewer symptoms of depression. The longer retirees spent in retirement and the more they depleted their savings, the stronger the benefits of lifelong, guaranteed income became.