BOSTON – The overriding fear for clients approaching retirement is that they will spend more than their portfolio can return. To help allay these concerns, Moshe Milevsky, a well-known professor of finance at York University in Toronto, argues that advisors should consider adding annuities to their clients' portfolios.

An annuity’s guaranteed returns can provide a degree of comfort to worried clients, Milevsky told attendees at IMCA's annual conference here this week. But he says the size of the annuity and the portion of the client’s portfolio that it represents depend on the individual client’s needs, likely longevity and risk tolerance.

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