$385 Billion were sold in 2023. The concept is simple: you give the insurance company some money, and they guarantee you a return that might include a lifetime stream of payments. But there are many types of annuities - fixed, variable, immediate, deferred, single/joint life, with various terms, guarantees/riders/floors/caps, and fees. And risks, particularly with low-rated companies and those owned by private equity investors. Smarter Bear does not sell annuities as we are a fee-only fiduciary. We do analyze existing annuities and recommend no-commission, low-cost fixed annuities from highly rated insurance companies for certain client circumstances. Get some advice from a person not making money from the sale before buying a new annuity or making a decision about an existing annuity.