Annuities are insurance contracts that make regular payments to you, either immediately or at
some point in the future. You would purchase an annuity to help grow or protect retirement savings.
The growth in the annuity is tax deferred and does not need to be reported as income on your tax
return until you access the fund.
The reason someone would purchase an annuity would be to not only increase your retirement savings, but to also provide you with guaranteed income. Deferred annuities can help you save more for retirement and defer taxes. They are available in both fixed and variable varieties. Immediate income annuities can offer peace of mind with a source of guaranteed income that will last as long as you want or as long as you live.