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In the investment world, there are multiple vehicles available to help individuals work toward their retirement income goals. Two such instruments are annuities and index funds. While they both play a part in a balanced portfolio, they are fundamentally different.

An annuity rider is an add-on or supplement to a standard annuity contract. These riders allow the contract holder to customize their annuity to better cater to their specific needs or goals. Annuity riders come in various forms and can provide additional income, death benefits, and long-term care benefits, among others.

Annuities can be a significant component of retirement planning, offering a source of retirement income. However, to understand the features of annuities, it’s essential to understand the dos and don’ts before purchasing one.