Annuities: Risks and Rewards (Slideshow)
More than a quarter of a million people reach retirement age each month. Yet few know how to convert their savings into a sustainable income source. And with studies showing that many will spend up to three full decades in retirement, finding and securing a guaranteed income source is crucial.
Annuities are one way to alleviate fears of outliving your assets in retirement. They provide a steady stream of cash over a pre-established period of time. But not all annuities are created equal. Understanding the strengths and weaknesses of the different types will ensure you choose the one that best suits you and your retirement needs.