When Were Annuities First Sold in the United States?
If this question is asked of people who know what an annuity is, I’m guessing that their answer would probably be that annuities have been around few decades. That’s what I typically hear when I randomly ask my clients the question.
The history of annuity sales in the United States is pretty fascinating, and dates back to over 200 years ago. Before annuities could be purchased, they were available within specific organization as early as 1759. Church pastors in the great state of Pennsylvania received lifetime income annuity payments as a pension payment upon their retirement. The public still could not buy annuities, but financial historians point to 1759 as the starting point for the annuity category in the United States.