In simple terms, an annuity is a fixed sum of money paid to someone each year, but annuities are much more complicated than that. They are broken up into three basic types, fixed, variable, and indexed. Annuities are typically used to help manage income in retirement as they provide you with periodic payments for a specific amount of time, death benefits, and tax-deferred growth.
I offer a variety of annuities to my clients to help them with their income during retirement. Although this concept can seem very confusing, I will be more than happy to sit down with you and go over all of the terms and procedures.