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The recent economic ups and downs have left many Americans worried about their retirement savings. As they face issues like , persistent inflation and longer lifespans, more retirees and pre-retirees are turning to .

What exactly are annuities, though? "[They] are financial products designed to help you grow your retirement income and protect you from outliving it," says Craig Hawley, president of Nationwide Annuity at Nationwide Financial. In practice, they involve investing money with an insurance company, which then provides you with regular income payments that can help supplement your retirement income. 

But while annuities can be a smart way to earn more during retirement, they also come with a few benefits and downsides you should consider before investing. Here's what to know.

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As pensions become rarer and Social Security seems less certain, more people are looking at . "[They] can fill that retirement income gap," notes Christopher L. Stroup, a certified financial planner and founder of Silicon Beach Financial. Below, industry experts share insights to help you decide .

Experts point to a few annuity pros to know today:

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Here are a few potential annuity cons experts say to know before buying one:

Retirement and savings experts say it may help to keep these tips in mind as you explore annuities:

So, ? It can offer valuable retirement security for some people, but it's not for everyone. "Be clear about your goals and how they fit into your broader retirement plan," advises Hawley. Some retirees need income before Social Security kicks in, while others prioritize protection against market swings or outliving their savings.

Before making decisions, speak with a qualified financial advisor who understands your finances. They can determine if an annuity makes sense and which type might work best. With professional guidance, you'll find the right balance between guaranteed income and flexibility for whatever your future holds.