The reason you would want to use annuities instead of fixed income for those long periods of time is that the annuities are guaranteed to keep paying you until you die. You get what's called mortality credits through the insurance aspect of them, which just means as people die in the pool of the annuity structure you're dealing with, there's more leftover for the people that don't die yet. That can be calculated out using what's called the Gumperts Mortality Curve by insurance companies. One of the ironies of life and death is that it is almost impossible to predict when a given individual will die, but if you have a whole pool of them, it's relatively