Annuities

What are the advantages of an annuity compared to an IRA or 401(k) or other retirement plan?

Unlike retirement plans, annuities have no annual limit to how much you can invest, unless you're using the annuity for your IRA or 401(k) or other "qualified" retirement plan.
With Traditional IRAs, 401(k)s and other retirement plans, you have to start withdrawing money the year you turn age 70-1/2. With an annuity, you can usually defer withdrawals until age 85 or later.
You can invest in an annuity regardless of your income. Some IRA products, such as a Roth IRA, are not available to higher-income investors.