With some postings' tone I guess the authors refer to "immediate annuities" which exchange a lump sum for a guaranteed stream of income. A very useful tool throughout retirement years is a "variable deferred annuity" which can allow (unscheduled) withdrawals and also provide several investment options, from fixed rates (similar to 1-year CD rates) to stock funds, bond funds, international funds, etc. Sure, there are fees (account fees, investments management fees, etc.), but the bulk of your money can grow tax-deferred while you withdraw only what you need. While it's not perfect for everyone, it certainly offers some benefits to those who can use them! PP
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