Annuities uniquely guarantee lifelong income, addressing longevity and sequence-of-returns risks by converting a lump sum into a steady monthly payment. Single premium immediate annuities offer higher payouts due to mortality credits. While concerns about fees, illiquidity, and death benefits exist, simple, low-cost fixed income annuities from financially strong insurers are often best. Avoid high-fee variable annuities and use fee-only planners for optimal allocation.