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.

An annuity is a financial product typically used by investors to save deferred opens a layer layer closed for retirement or to generate regular income payments, helping to replace a paycheck in retirement. Annuities are insurance contracts whose payments are guaranteed by the company issuing the contract.

Fixed Annuity

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.

Equity-Indexed Annuity

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 Annuity

Immediate annuities (sometimes called income or payout annuities), are pretty straightforward - basically a mirror image of a life insurance policy.

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