Buying An Annuity -

Annuities are categorized by when they pay out and how they grow:

begin paying income almost immediately (within a year) after a single lump-sum payment.

Safeguarding your initial investment from market losses. Lifetime Income: Ensuring you never outlive your savings. Legacy: Leaving a specific benefit for your heirs.

Provides returns based on a stock market index with a "floor" to protect against losses, though upside is usually capped. 3. Evaluate Pros and Cons When do annuities make sense | Retirement - Aviva

Returns are tied to market-linked subaccounts (like mutual funds), offering higher growth potential but also the risk of losing principal.