Whether you should buy an annuity will depend on your individual financial situation and retirement goals. Annuities are a type of insurance product that can provide a steady stream of income in retirement. They can be a useful option for people who are concerned about outliving their savings. 


However, annuities can be complex financial products and may not be suitable for everyone. Before you decide to buy an annuity, it's important to carefully consider the following factors:

  •  Fees and charges: Annuities often have high fees and charges, which can eat into your returns. Be sure to carefully review the fees and charges associated with the annuity before you buy.
  • Investment options: Annuities typically offer a limited range of investment options, so you may not have as much control over your investments as you would with other retirement accounts.
  • Liquidity: Annuities are not easily converted to cash, so if you need to access your money in an emergency, you may have to pay a penalty.
  • Tax implications: Annuities are tax-deferred, which means you will have to pay taxes on your earnings when you withdraw the money.


PensionPlus creates a retirement income plan that’s designed to last for your entire life, but it’s not guaranteed, and does come with a risk level selected by the participant. (Plans with less risk come with smaller monthly paychecks.) The benefit of PensionPlus is that you maintain complete control over your assets, which remain in your account of choice.