Perhaps you’re familiar with the famous Marshmallow Experiment conducted by Professor Walter Mischel back in the 1960s. He made a deal with each child, promising two marshmallows if they were able to wait for 15 minutes without eating one marshmallow. What’s interesting is that follow-up studies later confirmed that those children who were able to delay gratification were generally smarter, healthier, and stronger.
Waiting can lead to good things, but some needs are immediate. If an income during retirement is what you need, then an annuity might be the right choice. If you’re scratching your head over which type to choose, it might be helpful to boil it down to a simple question of timing. Ask yourself, when do you want your income? Now, or later?