How much money you receive, and when, is up to you. Each payment to you is taxed individually, as you receive it. Some annuity options are guaranteed for as long as you, or you and a joint annuitant, live. Annuitization may be customized to your needs. Should you choose this option but die before receiving all of the money you paid into the contract, your beneficiary will receive the balance in a lump sum.
Many people accumulate assets in various investments.
Convenience often encourages them to consolidate their assets under one roof. If consolidation interests you, look for a financial company that offers a comprehensive array of products. Pay close attention to whether or not these products are tax-deferred. Also, learn about the rules for transferring money among a company's various products. When consolidating assets, you may want to allocate some retirement money to a contract that provides you with an annuity income .