What is the primary purpose of investing in a variable annuity according to the chapter?

The primary purpose of investing in a variable annuity is to provide retirement income with inflation protection. Variable annuities allow investors to benefit from potential growth through investments in equities while deferring taxes on earnings until withdrawal.

Variable annuities are designed for individuals seeking to secure income for retirement while also protecting against inflation. They invest in common stocks and equity mutual funds, which can offer growth potential. The earnings from these investments accrue on a tax-deferred basis during the accumulation period, making them an attractive option for long-term retirement planning.