7 Common Annuity Mistakes and How to Avoid Them

As you shift your focus from saving for retirement to withdrawing money in retirement, an annuity can be a crucial part of your income strategy. An annuity can provide guaranteed income that lasts for your lifetime--no matter how long you live--and it's often a good way to supplement income from Social Security and a pension, if you have one.

But the annuity universe includes products that range from straightforward immediate annuities, which guarantee a monthly payout in return for a fixed up-front investment, to variable annuities with guarantees, which can be complicated and expensive. It's easy to make mistakes. Here are seven