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The Basics

What is an annuity?

An annuity is a contract between you and an insurance company. You pay either a single lump sum or a series of contributions, and in return the provider pays you a stream of guaranteed income — either right away or starting on a date you choose.

The appeal is predictability. Unlike investments tied to the daily market, the right annuity can deliver income you can count on month after month, including income that lasts as long as you live.

Different products balance growth, protection, and access in different ways, so the best fit depends on when you need income, how much risk you're comfortable with, and what other retirement savings you already have in place.

Annuities may be a good fit if you:

  • Want guaranteed income you can't outlive in retirement
  • Are within 10 years of retirement and want to lock in rates
  • Want to protect savings from sudden market downturns
  • Are looking for tax-deferred growth on retirement dollars
  • Have already maxed your 401(k) or IRA contributions
Your Options

Annuity Options to Fit Your Needs

Annuities aren't one-size-fits-all. Compare the three most common types side by side and see which one lines up with your goals.

Fixed Annuities

A guaranteed interest rate for a set term, with predictable growth and no exposure to market swings. Best for savers who want stability and a known outcome.

Variable Annuities

Contributions invest in sub-accounts similar to mutual funds, with returns that move with the market. Higher potential upside in exchange for more risk.

Indexed Annuities

Returns track a market index like the S&P 500 with a guaranteed floor so your principal is shielded from losses. A middle path between fixed and variable.

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FAQ

Frequently Asked Questions

Answers to the questions buyers ask most before choosing an annuity.

01 What is an annuity?
An annuity is a contract with an insurance company. You contribute either a lump sum or ongoing payments, and the company agrees to pay you a guaranteed stream of income later — often for the rest of your life.
02 How are annuity earnings taxed?
Annuity earnings grow tax-deferred — you don't owe taxes on the gains until you withdraw them. Withdrawals are taxed as ordinary income, and money taken out before age 59½ may also trigger a 10% IRS penalty.
03 What's the difference between fixed and variable annuities?
A fixed annuity pays a guaranteed interest rate, so your growth is predictable. A variable annuity invests your contributions in sub-accounts tied to the market, so returns — and risk — move with how those investments perform.
04 When can I start receiving payments?
With an immediate annuity, payments can begin within a year of your purchase. A deferred annuity lets your money grow for a set period — sometimes years or decades — before payouts begin on the date you choose.
05 Is my principal guaranteed?
Fixed and indexed annuities typically protect your principal from market losses, with guarantees backed by the issuing insurance company's financial strength. Variable annuities are subject to market risk, so your principal may rise or fall with the underlying investments.
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