Should You Buy an Immediate Annuity?
Few of us will receive all the income we need in retirement from a pension, or from Social Security. As a result, most of us need to be socking money away in retirement accounts for our golden years. Once you approach or enter retirement, you'll have to figure out what form that income will take.
Some of your income will likely be from Social Security. Some may come from your savings. If you don't have any pension income coming to you, you might consider buying an immediate annuity. It's kind of like buying a pension.
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Source: Fool.com