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Despite cooling , and increasing lifespans have left many older Americans worried about their retirement security. As seniors face the reality that their savings may not last as long as they'll live, more are turning to for guaranteed income. These insurance contracts convert a lump sum investment into steady income payments — sometimes for life.

But choosing among the various types requires understanding how they work and what fits your needs. We asked financial experts about the annuities that make the most sense for seniors in today's economic environment. Below, they highlight the top options, explaining the pros and cons of each and how they fit into a well-rounded retirement strategy.

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There are four annuity types seniors should consider now, experts say:

"A Single Premium Immediate Annuity (SPIA) offers a guaranteed stream of income for your lifetime, a set number of years or both," Mary Stork, senior vice president and general manager at USAA Retirement and Investment Solutions, explains. "You pay once, and the income starts right away — usually within 12 months." Many retirees use these payments to cover essential expenses, including housing and healthcare. Financial experts highlight these key immediate annuity advantages:

But these annuities come with limitations:

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"A Fixed Indexed Annuity (FIA) is a deferred annuity that offers more opportunity for protected growth than a traditional fixed annuity," said Stork. "Its growth is tied to an index such as the S&P 500, but without the risk of market losses."

These annuities serve a strategic purpose in retirement planning. "[You can use them] to offset portfolio risk while still following equities," Viscounte notes. Christopher L. Stroup, a certified financial planner and founder of Silicon Beach Financial, adds that they're particularly valuable for risk-averse retirees. With a fixed indexed annuity, you enjoy the following benefits:

FIAs come with some drawbacks, though:

"A Deferred Income Annuity (DIA) starts paying income at a future date — usually several years after purchase," Stork explains. It essentially lets you create your pension down the road. These annuities work best as a in your retirement strategy. "They [suit] retirees [seeking] guaranteed base income to [complement] their Social Security checks," says Viscounte. Annuity advisors point to these reasons to consider deferred income annuities:

At the same time, DIA buyers should be aware of these cons:

"Variable annuities invest in mutual fund-like subaccounts, offering market exposure and optional income or death benefit riders," explains Stroup.

These products are ideal for specific retirement scenarios. Stork recommends them for people with higher risk tolerance and longer time horizons. They work well as a supplemental growth tool with optional lifetime income, especially if you already have other guaranteed income sources. Industry professionals note a couple of variable annuity pros:

However, be wary about these tradeoffs:

Annuities can be , but each type serves a different purpose. Before signing any contracts, consult a financial advisor. They can help you understand the use cases and tradeoffs. Pay special attention to liquidity restrictions, as annuities often limit access to your money. The right could provide peace of mind — if it fits within your broader financial plan.