This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.

Here’s the reality on five myths you might have heard prior:

📌 1) Annuities are all the same and only for retirees: Different types of annuities can suit various financial goals, including deferred annuities for wealth building and income annuities for guaranteed income.

📌 2) All annuities have high fees: Variable annuities may have ongoing fees, but they are disclosed in the prospectus. Fixed annuities typically have no consumer fees, making them a valuable option.

📌 3) Annuities aren't suitable for IRAs: Many types of annuities can work well in traditional or Roth IRAs, offering advantages like principal protection and tax-free income options.

📌 4) Annuities are rip-offs due to early-surrender charges: Early-surrender charges can be avoided by keeping the annuity full term. Most annuities offer some liquidity and flexibility during the surrender period.

📌 5) Once you buy an annuity, you're stuck with it: There's typically a "free-look" period of 10 to 30 days after receiving the annuity policy, during which you can cancel the contract and receive a refund.

Check yourself for emotional bias toward any investment vehicle, including annuities. Have you thoroughly taken the time to understand the product and its ability to fulfill your unique needs, or have you fed into the tell tales?