An annuity is an insurance contract where you pay a lump sum or premiums and receive guaranteed income — either immediately or starting at a future date. The main flavors are fixed, variable, indexed, SPIA (single premium immediate), and QLAC (qualified longevity).
Annuities can solve a real retirement problem: longevity risk (outliving your money). But they're also one of the highest-commission products in financial services, and the wrong annuity at the wrong time locks up capital you can't get back. Know the difference between the four main types.
A pension (defined benefit plan) promises a specific monthly payment for life based on years of service and final salary. Contrast with defi…
A withdrawal strategy defines how much you pull from your portfolio each year in retirement and how you adjust for market performance, infla…
A bond is a loan you make to a government or corporation. In exchange, the issuer pays you periodic interest (coupon) and returns your princ…