Income annuities can provide guaranteed income for life. Some income annuities start paying income right away; others provide guaranteed income in the future.

There are many factors to consider, including when you need income to begin, whether you need income for a single person or two (a spouse), and whether beneficiary protection is important to you.

Income annuities are designed to provide guaranteed income, rather than to help you accumulate retirement savings. Immediate income annuities guarantee income that begins within 13 months of contract issue in exchange for a single purchase payment. Deferred income annuities guarantee future income and generally allow you to make multiple purchase payments over time (with some restrictions).