It almost sounds like the beginning of a joke, yet it is the truth.
William Shakespeare made investments that could be considered annuities to provide him with retirement income, similar to a modern pension.
Specifically, in 1604, concerned about his financial future, Shakespeare purchased grain “tithes” (shares in a farm’s output) for 440 pounds. This investment provided him with an income of 60 pounds per year for 31 years. Even though he died (1616) at the age of 52, his children continued to receive the remaining payments.
This can be likened to an annuity, a type of financial product designed to provide a regular income stream over time, often used for retirement planning.
I got the first inkling of this in a movie of all places, I think it was “All is True”. So, I looked it up and now we both know.
Not everyone saves for retirement the same way.