OVERLAND PARK, KANSAS - March 12, 2010 -- Baby boomers are redefining retirement, and are looking for new ways to finance it. Improved medical care means longer life spans, so retirement funds have to last longer than ever.

Many people reaching retirement age consider purchasing an immediate payment annuity. These are annuities where money is invested in an upfront lump-sum purchase with a specific payment plan that is payable immediately.