As you plan for retirement, you may aim to accumulate a nest egg of $1 million. If you choose to put your money into an annuity, you could expect to receive payments during your retirement. A $1 million annuity comes with guarantees such as steady income every month. This could be appealing, especially if you are concerned about sustaining your lifestyle and running out of money in retirement.

You may choose to have a $1 million annuity as part of your overall retirement plan to create diversification and balance. “Annuities can be designed to fit your unique goals, whether you simply want to protect from downside risk, maximize lifetime income or even protect a portion of your portfolio for a shorter duration,” says Rich Laing, a wealth advisor and qualified plan advisor at Prime Capital Investment Advisors in Overland Park, Kansas.