NO.PZ202301041000002802
问题如下：
Ryan is concerned about the performance of his portfolio due to a current low interest rate environment and expectations of rising inflation. Ryan tells Hamilton that he recently read an article in a personal finance magazine about annuities that pay a lifetime income stream. Hamilton explains to Ryan that an immediate fixed annuity with a non-trade-out provision would provide lifetime income and could be a possible alternative to his current portfolio. Ryan considers converting his entire portfolio to this annuity.
Discuss, using only the information provided, two reasons why investing entirely in the immediate fixed annuity might not be appropriate for Ryan.
选项：
解释：
Converting the entire portfolio to an
immediate fixed annuity may not be appropriate for Ryan for the following
reasons:
•
Low interest rate environment: When buying a fixed annuity
the investor locks in payments based on current interest rates. Purchase of a
large fixed annuity when interest rates are low will lock in relatively low payments.
•
High expected inflation: The real value of payments from a
fixed annuity declines over time due to inflation, and rising inflation
exacerbates this problem.
•
Ryan’s
gifting plans: A non-trade-out provision limits gifting ability from the life
annuity because it is not liquid. Any gifts would have to be funded from the
life annuity payment stream.
请教一下老师【non-trade-out provision 】条款在课件的哪个位置，自己没有找到，谢谢~
