There are many Guaranteed Income Annuities to choose from so you must do your homework.

GIAs provide a guaranteed lifetime income in retirement and are said to be the best product for American seniors.  You can choose an annuity to provide an income for a set period of time or for the balance of your life.  Remember, annuities are insurance products – so they permit market growth but also protect against volatility.   You will want to speak to a licensed annuity specialist to determine the best product for you.

Here are a few types to use a talking points with your advisor.

Straight Life Annuity OR Single Life Annuity OR Life Only Annuity – suitable for a single with no dependents.

Joint Life Annuity – suitable for a retiring couple.

Term-Certain Annuity – set for a specific time period

Deferred Annuity – deferring pension benefits until a later date

Fixed Annuity – guaranteed minimum payout and interest rate

Variable Annuity – interest rate changes based on market fluctuations

Indexed Annuity – always funded by a large, one-time contribution