You give up control of your money
. When you buy an immediate annuity, you hand over a lump sum to an insurance company in exchange for a monthly payment for the rest of your life (or in some instances, a specific period). For that reason, even the most outspoken supporters of immediate annuities advise against investing all -- or even most -- of your savings.
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: QUIZ: Are Annuities Right for You? 10 Least Tax-Friendly States for Retirees 10 Things You Must Know About Social Security The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.