An annuity is a financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees.
Fixed annuities are essentially CD-like investments issued by insurance companies. Like CDs, they pay guaranteed rates of interest, in many cases higher than bank CDs.
An equity-indexed annuity is a combination of a fixed and a variable annuity. The marketing pitch usually goes something like this: Equity-indexed annuities give you the best of both worlds.
Immediate annuities (sometimes called income or payout annuities), are pretty straightforward - basically a mirror image of a life insurance policy.
Easy. Affordable. Guaranteed.
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