the more complex the annuity the worse it typically is for the consumer but even socalled simple annuities have important distinctions here i examine two kinds of simple annuities single premium immediate annuities spias and multiyear guaranteed annuities mygas i just bought the latter for myself but read on before you do the same for a client spias think of a spia as buying a pension your client turns over some of their money to an insurance company which promises to pay a defined sum of money every year for