Some people are given the option to contribute to a
Tax Shelter Annuity
(TSA) through their employer.
Some annuities will even give you a refund or a
return of premium
for purchasing their annuity. Sometimes this option is added as a rider. The rider may have a charge associated with it.
If you are looking for an income right away and you know the amount of money you need to live on, you might be a candidate for a
split annuity.
Immediate Annuities
With Immediate Annuities, you will begin payments immediately or you can have the payments delayed for up to a year. Some carriers allow you to defer taking the income stream to up to a year. It is not recommended to buy an immediate annuity and then delay the income. If you need the income, take it right away.