You lose control over your lump sum. Once you buy an immediate annuity, that money is generally gone—you can't withdraw it for emergencies, and there is often nothing left for your heirs when you pass away. When It Generally Makes Sense
If your fixed income (Social Security/pensions) doesn't cover your basic living expenses, an annuity can bridge that gap. should i buy an annuity
Pros to pension annuities. 1. Annuities provide peace of mind. You get a guaranteed, regular income for life, whatever happens. 2. The Annuity Nightmare | BEST Wealth Management You lose control over your lump sum