For the past 20 years, annuities have been on the cusp of greatness. But now they've arrived, according to Douglas Dubitsky, vice president and head of product management at Guardian Retirement Solutions in New York City.

"In terms of economics of the business world, there's never been a time that our products made as much sense as they do now and been as appropriate for our country as they are now," he said.

The graying Baby Boomer population has a lot to do with it. The first wave of Baby Boomers has retired but they're more active in retirement and living longer. Combine that with the incredible stock market swings of the past five years and the results have taken a psychological toll on people heading into retirement. They're exhausted and looking for ways to protect their retirement savings while they collect guaranteed income, he said.

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