Fidelity variable annuity charges a high cost for a guaranteed income

Fidelity Investments has joined the rush to "living benefits." Partnering with Metropolitan Life, it now offers a variable annuity that guarantees 4 to 6 percent distributions from your original investment each year for life — regardless of what happens to the stock and bond markets... Unfortunately, living benefits aren't as good as they seem. The basic problem is simple... Statesman: Fidelity variable annuity charges a high cost for a guaranteed income