While you can put money into a deferred annuity with a single payment or flexible payments, immediate annuities are usually purchased with a single payment. When you receive payments also differs. Just as the names imply, you get money earlier from an immediate annuity and you delay getting money from a deferred annuity.

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This easy quiz will help you determine whether you should consider an immediate or a deferred annuity. Answer the following statements:

1. Saving for retirement is one of my main goals.

   Yes____   No____

2. I do not want to touch my principal or interest until I am at least 59½ years old.

   Yes____ No____

3. I contribute the maximum deductible amount to my IRA, 401(k) or
403(b).

    Yes____  No____

4. I need an investment that will earn tax-deferred interest for many years.

    Yes____   No____

5. I am retired or very near retirement now.

    Yes____   No____

6. I have a lump sum of money and I want to begin drawing an income from it.

    Yes____   No____

7. I want immediate return from my investment.

    Yes____  No____

8. I want to receive a steady monthly check for the rest of my life.

    Yes____  No____

If you answered yes to questions 1 through 4, a deferred annuity may be appropriate for you. If you answered yes to questions 5 through 8, you're more likely to need an immediate annuity. A financial advisor or qualified insurance agent can help you decide if an annuity is the right retirement savings vehicle for you.