Core Insights - Annuities are presented as versatile financial products for retirement planning, offering guaranteed income, tax-deferred growth, and market downturn protection, but they come with various fees that can impact returns [1][2] Summary by Categories Annuity Features - Annuities provide guaranteed income throughout retirement, tax-deferred growth, and protection from market downturns, making them appealing for retirement planning [1] - The complexity of annuities includes various types such as immediate, deferred, fixed, and variable, each with different fee structures [4] Fees and Costs - Some fees associated with annuities are legitimate costs for services, while others may primarily benefit the insurance company at the expense of the investor's returns [2] - Common fees include surrender charges, which act as penalties for early withdrawal, and mortality and expense (M&E) charges found in variable annuities to cover lifetime income risks [5][6] - Administrative fees related to contract management, such as customer service and recordkeeping, are also expected [7] - Investment-related fees are typically found in variable annuities, where growth is linked to market performance [7]