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Annuities

Turning savings into income you can't outlive

An annuity is a contract with an insurance company: you hand over a sum, and they pay you back over time — often for the rest of your life. It solves a specific problem that investments don't, which is the risk of living longer than your money lasts.

The category covers very different products. A

fixed annuity

pays a set rate, like a CD. A

fixed indexed annuity

ties growth to a market index with a floor against losses and a cap on gains. A

variable annuity

is invested in the market and can lose value. They vary enormously in cost, complexity, and how long your money is locked up.

Who needs it

  • People within ten years of retirement wanting guaranteed income
  • Anyone with savings they can't afford to see drop
  • Retirees without a pension
  • People who want to cover fixed costs with guaranteed money
  • Anyone rolling over a 401(k) and weighing the options

Questions worth asking

  • What are the total fees, including riders, in plain dollars?
  • How long is my money locked up, and what does it cost to get out early?
  • What's guaranteed versus projected — show me the guaranteed column?
  • What's your commission on this, and is there a lower-cost version?

Worth knowing

The mistake people make: not understanding the surrender period. Many annuities lock your money for seven to ten years, with steep penalties for early withdrawal. That can be fine — if you knew about it going in.

Annuities specialists in the Village

66 verified agents. You pick one, and only that agent contacts you.

See all 66 Annuities agents →

Where the Village can write Annuities

51 states covered so far. Pick yours to see who can actually write there.