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Dear Savvy SeniorMy wife and I are both in our 60s and are looking into some different investment options to help fund our retirement. Our neighbor recently suggested we purchase an annuity, but with all the terms and features they offer, I’m having a hard time understanding it. Can you provide me some information on this, and is an annuity a good option for us? —Annuity Dazed Dear Dazed,If you’re worried that you’ll outlive your money, or if you don’t have enough guaranteed income from Social Security or other pensions to cover you basic needs, or if you don’t have the stomach for the stock market, a fixed immediate annuity (not a variable or deferred annuity) is an option you should consider. Here’s what you should know. Personal PensionA fixed immediate annuity is like a do-it-yourself pension that can provide you and your wife with a guaranteed stream of income for as long as you live. How it works is you pay an insurance company a...
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