The best income annuity guarantees a paycheck for life. Call 1-800-MEDIGAP to compare your options.
Which annuities are best for retirement income?
For pure retirement income, the strongest options are immediate annuities and annuities with lifetime-income riders. A single premium immediate annuity (SPIA) converts a lump sum into a guaranteed paycheck starting within about a year, ideal if you need income now. A deferred income annuity delays payments to a future date, often paying more because you are older when income begins. Fixed indexed annuities with income riders offer guaranteed lifetime withdrawals plus some growth potential. Each guarantees income you cannot outlive, the core benefit for retirees. The best fit depends on when you need income and how much flexibility you want. Call 1-800-MEDIGAP to compare income annuities.
What should you look for in an income annuity?
When choosing an income annuity, prioritize the guaranteed payout amount, the carrier's financial strength (AM Best A- or higher), and the payout structure that fits your life. Decide whether you need single-life income, joint income for a spouse, or a refund feature to protect heirs. Compare how much monthly income each carrier promises for your premium and age, since the leader varies by product and day. Consider inflation protection options if rising costs concern you, weighing their lower starting payout. Because income annuities are lifelong commitments, comparison shopping among strong carriers is essential. A 1-800-MEDIGAP specialist compares guaranteed income quotes from multiple A-rated insurers free.