An annuity is one of the many options that one may use to save for a better retirement. While 401(k) and Roth accounts are the most popular choices for people to save for their retirement, annuities are mainly preferred by investors who want a safe and steady income after retirement.

Which are the best options for income annuities?
Income annuities are insurance policies that allow you to convert a certain part of your retirement savings into an investment that guarantees you a stable income after your retirement. You can do this either through a single premium or through flexible payments over time. Different options have different retirement annuity rates. The best income annuities are as follows:

Immediate life-only annuities
This particular type of annuity pays out the principal to the insured throughout his life. Once the insurer passes away, the insurer keeps the remaining principal.

Immediate 10-year certain annuities
The reason why this is one of the best income annuities is that apart from giving the retirement income, it continues to pay the principal amount to the legal heirs in case the investor dies within the policy period.

Immediate cash refund annuities
Apart from providing the investor with a regular income, these annuities give the remaining payout to the legal heirs on a monthly basis.

Personal pension
It is a deferred type of income annuity, which allows the investors to put their money into an annuity even at the age of 60. Depending upon the sum invested, the money is given in installments to the investor after a certain age and the rest is paid to the heirs upon the death of the investor.

Personal pensions and longevity insurance
This has the same advantage as a personal pension and is considered one of the best retirement annuities due to the payback of the income to the investor at an old age with a single lump sum invested.

Other options
You may even choose a personal pension option in your Income Retirement Arrangement (IRA) to get value returns on your life savings towards your retirement.

You have earned your entire life to live your last years peacefully. That is the main purpose of savings. The reason to buy an annuity is to get income for your retirement. The above-mentioned options are the best retirement annuities providing you with a stable income in the later part of your life. You may choose the plan that suits your requirement the most as an additional source of retirement income.