Type of Annuity: Understand the different types available—fixed, variable, indexed—to determine which aligns best with your financial goals and risk tolerance. Fixed annuities offer stable, predictable returns, while variable annuities offer more flexibility but involve market risks.

Fees and Charges: Pay attention to the fees associated with the annuity, including administrative fees, mortality and expense fees, and investment management fees. Lower fees can significantly impact your overall returns.

Guarantees and Protections: Assess the guarantees offered by the annuity, such as minimum interest rates or income guarantees. Look for features like death benefits or riders that provide added protection for your investment or beneficiaries.

Surrender Periods and Penalties: Understand the surrender periods, during which withdrawing funds may incur penalties. Evaluate the flexibility you need and choose an annuity with surrender terms that align with your financial plans.

Income Options: Consider the various income options available when you decide to annuitize. Some annuities offer lifetime income, while others provide the flexibility of periodic payments or lump-sum withdrawals. Choose the one that suits your retirement income needs.

Financial Strength of the Provider: Research and assess the financial stability and ratings of the insurance company offering the annuity. Opt for providers with strong financial standings to ensure they can meet their obligations, providing security for your investment.