Annuities are financial products designed to provide a steady income stream, typically during retirement. They are offered in various forms, including fixed, variable, and indexed annuities, each catering to different financial goals and risk tolerance levels. With a fixed annuity, you receive a guaranteed payout, offering stability and predictability. Variable annuities, on the other hand, allow your investment to grow based on the performance of underlying assets, though this comes with more risk. Indexed annuities combine elements of both, linking returns to a market index while offering some level of protection against losses. Annuities can be an effective way to ensure a reliable income throughout retirement, offering peace of mind by mitigating the risk of outliving your savings. However, they can be complex, with various fees and conditions, so it's important to carefully consider the terms and consult with a financial advisor to determine if an annuity aligns with your retirement planning needs.