Consider, too, that having a guaranteed income stream makes you less likely to become a financial burden on loved ones, and more likely to preserve other assets in your estate.
"When it comes to annuities, it's not an all-or-nothing decision," says Craig Hawley, head of Nationwide’s annuity distribution unit in Louisville, Ky. Clients who have a guaranteed income, he adds, enjoy "the flexibility to invest the rest [of their assets] more aggressively."