Fixed indexed annuity sales brought in a record $95.6 billion, up from 20% from the record hit the year prior. Indexed annuities earn interest that is calculated based on the changes within a market index, such as the S & P 500 or the Nasdaq 100. However, they also receive downside protection: They are credited zero interest if the index their annuity is tracking declines. The term of index annuities typically range from three to 15 years, according to Annuity.org . Fixed indexed annuities can also be complicated, warned David Blanchett, head of retirement research for PGIM DC Solutions.

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Persons: Bryan Hodgens, Buyers, Hodges, Cannex, Melody Evans, Evans, David Blanchett, Blanchett, DIAs Organizations: Nasdaq, Cannex, Products, Insurance, TIAA, DC Solutions, FIA Locations: Connecticut