Income Annuities also known as a single premium immediate annuity lets you convert a portion of your savings into a stream of payments. Outside of a pension plan, an annuity is the only product that guarantees income for the rest of your life. It can be the right choice if you're already retired or very close to it. Create a "paycheck" to last during retirement— an ongoing source of guaranteed income. It will help maintain your standard of living and provide income for your spouse or heirs.