Annuities can help to ensure that individuals have a steady stream of income throughout their retirements. The key is to make a selection based on objective guidance-and not on sales pressure.

In a nutshell, annuities are contracts between individuals and insurance companies. The individual makes a lump-sum payment or a series of payments, and in return, the insurance company provides regular, pension-like payments over a certain period.

With an immediate annuity, a person pays a lump sum—from their 401(k), for instance—and starts receiving payments immediately. With deferred annuities, the value of the annuity grows over a certain period before payments begin.

The security offered by annuities is attractive. But it's important to understand exactly what a given product provides, what its true costs are, and how the broker selling it will be compensated. Copeland Wealth Management has the expertise and experience to help you choose the right annuity.