Purpose:
An insurance product to help you stretch your retirement dollars.
How it works:
From just $107.88 $24.99 for Kiplinger Personal Finance
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You invest a lump sum and receive a fixed monthly income for life.
Typical investor:
Retirees age 60 or older who want current income.
Features:
Simple to understand and easy to comparison-shop.
Fixed payouts may not keep pace with inflation.
Monthly payouts of about 7% or more of your initial investment for life.
Once purchased, you can't change your mind.
To see if a deferred variable annuity is a better fit, read Which Type Is Right for You?: Deferred Variable Annuities.
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