1.   A single-premium immediate fixed annuity is one in which you make one payment to the insurer who promises to immediately start paying you a fixed amount.

2.   Buy only single-premium immediate fixed annuities.

3.   Buy a deferred annuity now, which pays off down the road a ways, and switch in retirement to an immediate annuity, which starts paying instantly.

4.   You can cash in on your annuity by taking a lump sum at the end, except for immediate annuities.

5.   You can have an immediate annuity, where you receive monthly payments right after purchase, or a deferred annuity where payouts come later.

6.   With immediate annuities, a owner pays a lump sum and the insurance company begins making payments soon after.