Annuity income payments may be guaranteed for a set period of time, until the end of your life, or passed to the life of your spouse or another beneficiary.
Your money grows while all or some of it also stays protected from loss.
Take advantage of tax-deferred growth. Money going into the annuity grows on a tax-deferred basis. Later when you receive the annuity payments, the earning portion of your payments is taxed as ordinary income while the principal is essentially free of tax.
You want to turn your savings money into a regular paycheck for a specified number of years or even for life.
Looking to leave a legacy to your loved ones. Depending on the type of annuity you choose, you will be able to name a beneficiary who can receive payments after you pass away.