Fixed
Credits a declared rate for a stated period, subject to contract terms.
Retirement income education
Turn retirement savings into an income plan you can understand.
Compare annuity types, guarantees, access rules, income choices, fees, and tax considerations before committing your money.
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Four annuity categories
An annuity is an insurance contract. The right category depends on when income is needed and how much market risk and access you want.
Fixed indexed
Credits interest using an index formula with caps, spreads, participation rates, and a floor; it does not directly invest in the index.
Income annuity
Converts premium into payments beginning now or later; payout choices affect income and beneficiary provisions.
Variable
Uses investment subaccounts, so values can rise or fall and securities rules apply.
Keep this checklist
Your 60-second annuity check
Six questions that quickly reveal whether the contract matches your retirement plan.
- Write down when you need income and how much emergency cash must remain outside the contract.
- Ask for the surrender-charge schedule, annual free-withdrawal amount, market-value adjustment terms, rider charges, and renewal-crediting rules.
- Compare guaranteed values with non-guaranteed projections and ask what happens in a zero-credit year.
- Review every payout choice—life only, period certain, joint life, and refund options can produce different income.
- Use the state free-look period to read the delivered contract and confirm it matches the illustration.
- Before replacing an annuity, compare lost benefits, a new surrender period, taxes, and whether a properly executed exchange may qualify for tax deferral.
Tax and access notes
Tax treatment depends on whether the contract is qualified or nonqualified and how money is distributed. Earnings in a nonqualified annuity are generally tax-deferred until distributed; taxable amounts are generally ordinary income. An additional federal tax may apply to taxable distributions before age 59½ unless an exception applies. Consult a qualified tax professional.
Positive questions to ask
How can an annuity create predictable retirement income?
Available contracts may offer stated guarantees or lifetime-income options. Compare the insurer, payout election, rider terms, and whether access remains after income begins.
How can I keep useful access to my money?
Match the purchase amount and surrender period to your liquidity plan, then confirm free-withdrawal and required-distribution provisions in the contract.
How can I compare two annuities clearly?
Place guarantees, crediting method, fees, surrender schedule, income base, death benefit, and insurer strength side by side using the same timeline.
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