Income Annuities

Income annuities are financial products that provide a guaranteed stream of income either immediately or at a future date, based on a lump sum payment made by the investor. These annuities are crucial for retirement planning because they offer a reliable and predictable source of income, helping retirees manage their finances and maintain their standard of living. By converting a portion of retirement savings into a steady income, income annuities help mitigate the risk of outliving one's assets and provide financial stability during retirement.