Annuities offer several benefits that make them worth considering for retirement planning. Here are some compelling reasons to buy an annuity:Retirement Income StabilityOne of the primary advantages of annuities is their ability to provide a stable income stream during retirement. By opting for a lifetime income option, you can rest assured that you’ll have a consistent source of income to cover your living expenses, regardless of how long you live. This stability can help alleviate concerns about outliving your savings and provide peace of mind in retirement.Tax AdvantagesAnnuities offer tax advantages that can be beneficial for retirement planning. During the accumulation phase, your contributions grow on a tax-deferred basis, meaning you don’t pay taxes on the earnings until you start withdrawing the money. This tax deferral allows your investment to potentially grow faster compared to taxable investments. However, it’s important to note that withdrawals from annuities are subject to ordinary income tax.Investment Control and FlexibilityDepending on the type of annuity you choose, you may have control over how your contributions are invested. , for example, allow you to allocate your funds among different investment options. This flexibility enables you to potentially earn higher returns by taking advantage of market opportunities.Death Benefit for BeneficiariesAnnuities can provide a . If you pass away before receiving the full value of your annuity, a death benefit can be paid out to your loved ones. This ensures that your contributions and any accumulated earnings are not lost and can be passed on to your heirs.Now that you understand the benefits of annuities, let’s discuss how and where you can purchase one. , This week's best annuity rate is 7.05%, offered by B+ rated Atlantic Coast Life on its Safe Harbor Bonus Guarantee for a 5-year term., While you can open a regular fixed annuity starting at $25,000, it takes at least $100,000 to open Brighthouse’s fixed rate annuity MVA. Both options pay a competitive interest rate..