An insurance-like financial contract guarantees a series of later payments in exchange for a lump-sum deposit paid upfront.

Annuity payouts may include a minimum death benefit amount, last for a definite period of time, and maybe issued monthly, quarterly, semi-annually, or annually. Alternately, they may span an entire lifetime, either the insureds or the beneficiaries. Meanwhile, future earnings grow tax-deferred.

Along with Social Security, 401(k) monies, IRAs, pensions, and other assets, annuities can enhance retirement security. Discuss the annuity option with an insurance professional when planning for retirement years.


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