Wouldn’t it be nice if you could continue receiving a steady stream of income even during your retirement? Well, with an annuity you can. An annuity is an investment agreement in which you pay an insurance company a specified amount of money and the insurer invests it for you with the promise to pay you back on a future date or series of dates. You can choose to receive your annuity income monthly, quarterly, annually or in a single, one-time payment. Like an IRA or 401(k), your withdrawals are taxed at your regular income tax rate, and unlike an IRA or 401(k), there is no annual contribution limit for an annuity.