"I have an annuity but I need cash now."

[KeithB]

This might be in the presentation, but the problem with figuring out an annuity for yourself - with actuarial tables - is that you have no idea how long you are going to need the annuity.

The annuity companies, on the other hand, are counting on the fact that the actuarial tables work fine as a distribution, so in aggregate they can make accurate forecasts.