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In some cases, annuities make sense, and in others they do not, but sooner or later someone will try to sell you these investments, so I want you to read this section very carefully. He left her ,000, which was pretty much all she had.We were just sort of figuring this all out, when my mom started feeling really unwell, and it turned out she had cancer.He said this would give her the highest possible monthly income.Now we knew she wouldn't live for ten years, but we also wanted her to have as much money every month as she could get.The annuitant becomes important if one day you choose to annuitize your annuity, which means to get a monthly income for life, for the amount of income that you can receive will be determined by the annuitant's age.

Usually the fee that the person "earns" by selling you an annuity is around 5% to 6%.

Too often, we base our thoughts, phrase our words, and take action based on myths that have been passed down from parent to child, financial advisor to client, real estate agent to homebuyer, car salesman or insurance agent to consumer, from colleague to colleague, neighbor to neighbor, or friend to friend.

The problem is that when financial reality hits--perhaps in our 40s, 50s, or even later--these financial myths explode, and make us wish that we had been paying closer attention to our own financial reality all along. Things are going to be different in the century ahead from the way they were in the century that's now behind us.

In order for an annuity to qualify as a legitimate insurance contract--which is what allows it to enjoy certain tax advantages -- someone has to be insured. The annuitant has no power whatsoever over the money, unless, as is often the case, the owner and the annuitant are the same person.

There is no additional death benefit involved with an annuity, which makes it very different from other life insurance policies that you may be familiar with.