An annuity is a great option for people who believe they're too far behind to amass a significant retirement fund.

An annuity is a fixed sum of money paid to someone each year, typically for the rest of their life.

Make sure the insurance ain't selling you some bulls**t annuity. ALWAYS speak to a FEE ONLY financial advisor. That means, you hire a financial advisor who is paid hourly or a flat fee and isn't getting a commission for selling you shit.