Annuities are financial tools for retirement planning that mix insurance and investments. They protect against outliving your savings, unlike life insurance which protects against early death. Annuities come in different types based on contribution frequency, distribution start date, and investment choices. Financial planners need to understand the various annuity forms due to their complexity and potential controversies. The chapter explains annuity characteristics, contribution and distribution options, and the differences between immediate and deferred annuities. It also compares fixed and variable annuities with other investment options, considering costs, contract terms, and taxation.