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Volatility security: Today’s unique economic climate led annuity sales to increase by 44 percent in 2022 due to their ability to offer income protection in a variety of ways. For one, they provide peace of mind when it comes to longevity risk and an unexpected lifespan, as monthly payments are always guaranteed. Further, during down markets and high inflation, annuities consistently produce higher yields than balanced portfolios.

One piece of the puzzle: While the benefits of incorporating annuities into your retirement portfolio depends on your unique financial situation, they are often utilized in combination with other income sources, such as Social Security or a pension. As for the types of annuity payment contracts, three exist: A single premium immediate annuity (SPIA), qualified longevity annuity (QLAC) and deferred income annuity (DIA), which can be “laddered” by selecting varied start dates.

Creating a lifetime of income has always been a win for retirees, and today, that win is bigger than ever.