Payout annuities are often called retirement annuities or income annuities. There are many different variations or options available: term certain, life annuity, joint and last survivor, indexed, etc. Essentially, you exchange a lump sum of money for an income stream.
Annuities are an important part of your retirement income planning and can be complex.
An independent insurance broker can help you find an annuity that is right for you. If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.