If your fixed income (Social Security/pensions) doesn't cover your basic living expenses, an annuity can bridge that gap.
The decision to buy an annuity is a "long story" because it essentially involves trading a large sum of liquid cash for a lifelong guarantee of income. It’s a move from to wealth distribution , and whether it’s right for you depends on your health, your need for certainty, and your willingness to pay for that peace of mind. The Core Trade-off should i buy an annuity
If market volatility keeps you up at night, an annuity acts as "personal insurance" against a market crash. Red Flags & Risks Should I buy an annuity or use drawdown? - The Times The Core Trade-off If market volatility keeps you
You lose control over your lump sum. Once you buy an immediate annuity, that money is generally gone—you can't withdraw it for emergencies, and there is often nothing left for your heirs when you pass away. When It Generally Makes Sense Once you buy an immediate annuity, that money