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One of the biggest fears for retrirees is outliving their assets. The annuity industry has been busy working on many approaches to make money last, many of which guarantee an income for the rest of one's life. Let's explore the various ways to guarantee income for life, with some pros & cons of each:
 Immediate Annuities can give the biggest guaranteed payouts and have the most flexibility on how the payouts are structured. Typically, the transaction is irrevocable, and the annuity owner no longer has access to the lump sum. However, many annuity carriers have enhanced thier products with a variety of "commutation" features (the ability to partially/fully surrender the present value), so emergency needs can still be met.
 Variable Annuities with withdrawal benefit riders have been very popular over the past several years. Generally speaking, VAs offer upside market potential, but also carry market risk to principal. As a fallback position to losing principal, VAs often offer an optional rider that will guarantee a withdrawal percentage (5% or so annually) for the rest of the annuitant's life. At Annuity Department, we remain focused on Fixed and Indexed annuities with no risk to principal and do not offer VAs.
 Index Annuities with withdrawal benefit riders have become very popular to compete with their variable annuity counterparts. Show your clients how to generate a reliable form of income without having to annuitize. A lifetime benefit rider on an index annuity can be a great fit for a client looking to participate in market linked upsides, avoid market downturns and generate a lifetime income stream all while staying in control of their money.
 Specialty annuity products are starting to sprout up offering different ways to guarantee income. Here are a couple:
Lincoln Financial's Smart Income Annuity guarantees income for life, but inflation-adjusted with increases tied directly to the Consumer Price Index! It also comes with a surrender charge schedule so the balance of the lump sum (less total payouts) is available for withdrawal.

Hartford's Income Annuity works just like an immediate annuity, but unlike a traditional SPIA, it lets you choose a date in the future for your start date & locks in the payment amount now!

Keep an eye out for innovations as products evolve! Stay in tune with Annuity Department as we're always looking for the best annuities for you & your clients!