Annuities can offer guaranteed income, but they're not for everyone. Here's who should (and shouldn't) buy now.

The more money you invest in an annuity, the larger your monthly payout will be. For example, a $500,000 annuity will generate more monthly income than a $250,000 annuity, all else being equal.

A $1 million annuity can provide monthly payments ranging from around $5,800 to more than $10,600 right now, according to an analysis of Cannex data by Annuity.org.

Beyond choosing what kind of annuity to purchase – immediate vs. deferred and fixed, indexed or variable, you'll also need to consider how to receive your annuity payments.

With a $600,000 annuity investment, the returns can vary significantly depending on several factors including the type of annuity, the age at which you start receiving payments, and your gender.

With a $600,000 annuity investment, the returns can vary significantly depending on several factors including the type of annuity, the age at which you start receiving payments, and your gender.