Americans are living longer than ever, many 20 to 30 years after they retire. A solid financial plan for retirement means more than just setting—and reaching—a savings goal. It’s important that you have enough money to meet your financial needs for many years.

One way to guarantee a steady stream of income for life is through an annuity. An annuity is an insurance contract that can help you build savings for retirement and convert your savings into income you cannot outlive.

With an annuity, an insurance company agrees to make a series of income payments—or payouts—to you in exchange for the premium(s) that you pay. An annuity is a long-term retirement security product. It is not meant to be used to meet short-term financial goals. An annuity is the only financial product that can guarantee lifetime income.

Publications and Resources

A Woman's Guide to Annuities. Retirement tends to be a bigger challenge for women: lower lifetime earnings equal lower retirement income. Women also live longer than men and must make income last for a longer period of time. Annuities may help women overcome retirement obstacles.

The Individual Annuity: A Resource In Your Retirement. This guide has been prepared to help retirees understand what an individual annuity contract is, what options are available, and how the right choice might enhance retirement security.

Individual Annuities: Tips for Seniors. An annuity is a long-term financial contract. You should enter into an the annuity arrangement only after a thorough review of your personal finances and retirement goals. To help you better understand what to consider before purchasing, review these tips.