What you can do next
Ask your financial professional to help you do the math. How much can you expect to receive in Social Security, 401(k) and IRA payments in retirement? Will this cover your basic living costs? If the answer to the last question is no, it may behoove you to opt for the annuity option, so you know you have guaranteed cash to help cover your necessities.
All references to guarantees, including optional benefits, are backed by the claims-paying ability of the issuing company and do not apply to the underlying investment options.