Before you invest in an annuity, you may want to know how much your monthly payments could be with this retirement product. PHIL LEO/Getty Images

When it comes to retirement planning , everyone has their own goals in mind, but one thing nearly everyone wants is predictable income. And, at a time when the stock market seems to swing on every headline and savings account interest still doesn't keep pace with inflation, a fixed monthly paycheck in retirement can be a need, not a want — and that's exactly what annuities aim to deliver .

Annuities, and immediate fixed annuities, in particular, work by converting a lump sum of money into guaranteed monthly payments. But while the concept is simple, the payouts can vary, sometimes dramatically, based on factors like your age, gend

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