What is your biggest retirement fear? For some people, the answer to that question may revolve around having enough things to do to stay occupied. For others, there may be a nagging fear that life without a career will feel weird. However, for the majority of people, the biggest concern most likely revolves around one thing - money.

All across the country, people are worried about running out of money during retirement. After all, with Baby Boomers living longer, healthier lives, that possibility is greater now than it ever has been before. Additionally, with the rising costs of health care, and a longer period of time where it may be necessary, there are a number of expenses that must be planned for before ever reaching this time period.

If you are one of the many people concerned about your retirement’s financial plan, what are you doing to prepare? There are those who believe that simply investing in the stock market will provide enough gains to take them through their golden years. However, do you really want to bet your future on a roller coaster? When it comes down to it, you need safe, reliable income, if you really want your retirement years to be as relaxing as they should be.

Annuities can do a number of different things, including growing your assets, assisting with long-term care costs, and helping you leave a significant legacy behind for your loved ones. However, one of the most important features that an annuity can provide is guaranteed lifetime income. After all, what better way is there to alleviate concerns about running out of money in a post-paycheck world, than establishing a new source of regular income?

If your primary concern is locking down some impressive lifetime income, then it is worth looking into the Protective Life Guaranteed Income Indexed Annuity. In an industry with seemingly endless options, this annuity stands out for those who are looking for guaranteed income for life. In fact, this particular annuity can even beat out some immediate income annuities, all while providing greater overall benefits in the long run.

The key term to keep in mind with the Protective Guaranteed Income Indexed Annuity is “benefit base.” With this annuity, your benefit base is equal to your initial purchase, and can increase due to other additional purchases (before the benefit election date). This benefit base then starts to build with guaranteed growth, where 4% simple interest occurs for up to 15 contract years. Additionally, for those who delay taking income, the benefit base can see gains of 15%, and even 25%. Basically, the longer you put off taking your income, the higher it ends up being.

However, because everybody’s situation is different, this annuity makes sure to provide multiple lifetime income options. Some may choose a level income option, where a specific annual income payment is guaranteed for life. This may start higher for some, but provide lower amounts than the alternative as time passes. The other choice is the rising income option, where annual payments will rise through the time your contract value reaches zero, or when you reach 95 years of age (whichever is first). This option starts you off at a lower amount, but can end up increasing to some really impressive payments later in life.

Of course, very few annuities cover all the bases. The Protective Guaranteed Income Annuity does not place much priority on long-term care needs, and those who want to make sure this specific eventuality is covered may find better alternatives available. Additionally, while this annuity does feature growth options up to 90% participation rates, the choices within the powerful S&P500 (logo) are capped. More simply, those who place a premium on the ability for powerful growth may also want to look at other annuity options.