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Annuities come in all shapes and sizes but they are savings vehicles that are an alternative to CD's and mutual funds. There are three main types: fixed, equity indexed, and variable. Fixed is the lowest risk and generally has slightly higher interest than a CD and unlike a CD is tax deferred. Equity indexed is an annuity that's interest earnings are tied to an index life the S&P 500. You cannot lose money even if the index goes down, but interest earning are capped so your gains can't be as great as the performance of the index. Historically, it has performed better that the fixed. A variable annuity has underlying investments that are similar to a mutual fund. The underlying investments are usually stocks and bonds and have the potential to earn more interest. Many of them have features that guarantee an interest rate on payout, but otherwise you can lose money if the underlying investment does not perform.
The biggest advantages annuities offer is that they allow you to sock away a larger amount of cash and defer paying taxes.
Unlike other tax-deferred retirement accounts such as 401(k)s and IRAs, there is no annual contribution limit for an annuity. That allows you to put away more money for retirement, and is particularly useful for those that are closest to retirement age and need to catch up.
All the money you invest compounds year after year without any tax bill from Uncle Sam. That ability to keep every dollar invested working for you can be a big advantage over taxable investments.