Annuities Guarantee Retirement Income

Annuities are insurance contracts that create guaranteed income streams; payout timing can be immediate or deferred, while growth depends on the annuity structure.
Fixed annuities offer a set return, variable annuities track securities, and indexed annuities link performance to a market index for growth potential.
Not every annuity fits every retiree: some plans carry high fees, limited growth potential, surrender periods, or withdrawal penalties that matter when comparing options.
For risk-averse Americans, annuities can ease fears about outliving savings and make retirement budgeting simpler by turning part of a portfolio into predictable income.
Some options ranged from $1K minimums to age-85 availability, and a financial advisor can help align payout timing, fees, and features with retirement needs.