Annuities can be powerful retirement vehicles because they can accumulate value on a tax-deferred basis or can be a source of lifetime income for retirement, or the realization of other financial goals.*

A Fixed Annuity guarantees a certain rate of return for some specified period of time.

A Variable Annuity** allows the contract owner to select the investment funds and assume the investment risk. Variable annuities guarantee a schedule of payments, usually at retirement. The amount of the payout will vary, however, with the value of the underlying investment funds.

What is an Annuity?
An annuity is a contract sold by a life insurance company that provides fixed or variable payments to an annuitant, either immediately or at a future date, usually to supplement retirement income. The income is paid from a stipulated date either until the death of the annuitant or for a specified number of years. Annuities can be classified as either deferred or immediate.

• Deferred
  A deferred annuity is an "accumulation" annuity product under which payments are made by the annuitant, either through a single premium or a series of periodic payments, and left to accumulate on a tax-deferred basis over a period of years. It usually begins paying an income to the annuitant at retirement. The initial purchase payment and optional subsequent payments grow tax-deferred over time. A variety of income options are available, depending on the contract you choose.
  
  
• Immediate
  Provides an immediate stream of income for a period of time from a single, lump sum premium payment. There are a variety of income options, including variable payment options.

You should carefully consider the investment objectives, risks, expenses and charges of the investment company before you invest. Your Northwestern Mutual Investment Services Registered Representative can provide you with a prospectus that will contain the information noted above, and other important information that you should read carefully before you invest or send money.