"An annuity is like a savings account you set up with an insurance company. You give them money either in a lump sum or over time. In return, they promise to pay you a certain amount of money regularly, like every month or every year. It's a way to make sure you have a steady income when you're retired, so you don't have to worry about running out of money. Annuities can help you feel more secure and comfortable in your retirement years."