what is an annuity 
an annuity is a contract between an investor and an insurance company typically used in retirement an annuity guarantees that you won t outlive your savings however they may come with high fees one fee is the surrender charge which you would need to pay if you withdrew a certain amount of funds from the annuity during the surrender period which can last up to two decades or so details vary from contract to contract so if you re considering an annuity be sure to read the fine print 