re: Annuity Owners, please share your experiences.

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Being variable absolutely effects the payout long term

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When you annuitize the annuity, you forfeit all rights to the money in exchange for a monthly or annual check which is preset at the time of the annuitization (there may be an adjustment for inflation... but there is no longer any other type of adjustment).
It essentially becomes like a social security check from an insurance company for as long as you live (with a possible period certain).