I frequently write about clever new financial products designed to fleece investors. This month I want to discuss an older, well-established financial product offered through insurers. It’s called an annuity, and I am not a fan. While much has been written about these products, their high costs and restrictive features are not well understood. Here we’ll take a look at how annuities work and explain why we believe they’re inappropriate for most investors. Take a seat, because this blog is longer than usual.We’ll review April numbers at the end.