An insurance company would love to sell you an annuity. At it's simplest (and we recommend only simple annuities) an annuity works like this. You give the insurance company a pile of money. In return the insurance company guarantees to pay you a fixed amount for your life (in a joint annuity it would be for the life or you or your spouse). Fixed Annuities can be a good idea for older people who are past the age where they want to deal with investing their money themselve. The amount of money you get monthly for the annuity depends on your age when you buy it -- the older you are the more you get. Remember the insurance company is counting on you dying early!

This calculator will estimate how much you will get from an annuity today. This amount fluctuates as interest rates go up or down (the insurance company invests the money you give them).