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Annuity OptionsPosted on April 18, 2011.  Annuities Made Simple The term "annuity" confuses people because it really has two different meanings. Formally defined, an annuity is an annual payment made to an investor, usually on a monthly basis. However, in the investment world, the word refers to a tax deferred investment called a tax-deferred annuity, or simply a retirement pension. For example, annuities can be a source of income, often for life. However, they can be a way to invest for retirement with benefits and some tax relief called tax deferral. To make things even more confusing, you can invest in a pension and accumulate money for retirement, and then decide to exchange money in your investment for a guaranteed monthly income for the rest of your life . Now, go back and read that last sentence again. That's where I'll make it simple for you. I think pensions are fine investment for those who are middle aged and older who want to spend money for retirement. The advantage deferral allows you to make your money grow without interruption to pay tax as you go, just like in a 401k plan or traditional IRA. Truth be told, you just need to invest here and let your money grow. So when you retire and really need additional income, you can make money every year by making "partial redemptions. When you withdraw money, you may have income taxes if the money is earning or interest, but that's OK. You will likely be in a lower tax bracket than when you were at work and avoid the fees payable to the tax deferral advantage. Do not be misled by what you hear or read. You do not have to exchange money in your account pension, annuity, as I know, for an income stream for life. This is called taking an annuity option. If you do this, you tell the insurance company to keep your money and pay you an income for life or for another period of time. Once you make that decision, that the money is yours. I was a financial planner for years, and sold many annuities. Most of my clients who bought them from me was their good retirement. After death, the value of their pensions transferred to their beneficiaries, usually their spouse. I never suggested they take an annuity option, unless that is what they wanted, and they really understood the consequences. 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