An Fixed Income Annuity is a contract between you and an insurance company where you pay the insurance company a lump sum of money called a premium, and in return the insurer promises to make regular monthly payments to you. Fixed Income Annuities are often guaranteed to pay for life and can even pay for a spouse's lifetime too:
Protect Your Retirement Income
If you're like most retirees, you may worry that you'll outlive your retirement money or not have enough to maintain the lifestyle you want. Getting a guaranteed monthly income is one of the most important steps to protecting your retirement.
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