Variable Annuity

A retirement account you create with an insurance company.

For years, you put money in the account, and the company invests in money market funds or different types of mutual funds.

Then you get old and wrinkly.

Time to tap into all that cash so you can get serious about your bingo game. At that point, the insurance company promises a minimum payment ("we'll pay you at least $500 a month"), but the payments each month can vary (always above that minimum) depending on how the investments did and how much money you socked away.