Annuities are a type of investment account typically used for retirement savings or to generate regular income payments in retirement. Annuities are insurance contracts, and the issuing insurance company provides some type of guarantee on your investment.

• Income annuities can provide a stable and secure source of retirement income. With these types of annuities, you surrender future access to a portion of your savings in exchange for a stream of income that’s guaranteed for life. Payments from income annuities can typically start as early as 30 days from the day you sign the contract, as late as your 85th birthday, or on any date in between.
• Deferred annuities with lifetime withdrawal benefits offer a way to safely draw down your retirement assets by guaranteeing that, at a minimum, you will be able to withdraw a set percentage of your savings for the rest of your life. You retain access to your savings throughout the life of the annuity.