is an annuity a good idea 
this depends on your goals and circumstances because annuities typically come with relatively high fees they should typically be considered only after you have taken advantage of other retirement savings vehicles for example you could max out your 401 k the internal revenue service irs raises the contribution limits every year to account for inflation for 2024 if you re under 50 years old you can contribute up to 23 000 to your 401 k if you are 50 or older you can contribute an extra 7 500 in catch up contributions for a total of 30 500 for 2023 those limits are 22 500 and 7 500 respectively the bottom lineannuities are complex insurance contracts designed to sustain investors in retirement however they often carry high fees compared to other types of investments it s wise to make sure you understand all of the fees involved before you commit it also pays to shop around because fees and other terms can vary widely from one insurer to the next 