With an annuity, you can set up an income stream to start right away (or within 12 months of purchase), or alternatively to begin many years in the future. This income can continue to flow in for a certain amount of time, such as 10 or 20 years, or even for the rest of your lifetime, regardless of how long that may be.
But with many different types of annuities, it is important to first have a good understanding of which type is right for you. This can help you to avoid any potentially costly surprises and prevent you from getting locked into a product that doesn’t suit your particular objectives. One of the best ways to see which type of an annuity may work for you is by taking our 30 second annuity quiz.