While the "guaranteed income for life" part sounds great, it comes with specific compromises:
: These provide principal protection while giving you a chance for growth based on market indexes (like the S&P 500). They are popular for those who want some upside without the risk of losing their initial investment. The Trade-Offs to Consider buying an annuity at 70
Not all annuities are built for this stage of life. Here are the top contenders: While the "guaranteed income for life" part sounds