From www.moneymag.com.au: A growing number of retirees experience the fear of running out of savings, and lifetime annuities offer a potential solution by providing guaranteed income for life from a one-time upfront payment.

Despite their benefits, awareness of lifetime annuities remains low in Australia, with a UNSW study revealing that 57% of Australians are unfamiliar with them.

Regulatory bodies ensure these financial products are safe, but they come with potential downsides, such as limited income growth and concerns about inflation.