An insurance contract that provides income payments, either immediately or in the future, in exchange for a lump sum or series of payments.

Potential Benefits:

• Income stream for life or a set period, depending on the contract
• Tax-deferred growth
• Can help protect against outliving your savings
• Contribution flexibility not tied to annual IRA/401(k) limits

Note: Guarantees are backed by the claims-paying ability of the issuing insurance company. Annuities may involve fees, surrender charges, and withdrawal restrictions. They are not FDIC-insured and are not bank deposits. This is general education, not a recommendation for any specific product — speak with a licensed professional about what's right for your situation.