My grandfather is in his 80's and told us 80% of his money (estimate 5 million total) in a revolving annuity.
This seemed insane based on what I know about annuities - he's clearly not going to run out of money, so why would he want to do this?
It is through TIAA CREF. He doesn't spend nearly all his monthly income and reinvests it. That is about all I know.
What is the deal with annuities? Are they a good idea, both ever and in this case?
