What are the differences between CDs and annuities?

Many people are familiar with the “4% Rule” — the age-old advice for retirees who were told to withdraw 4% of their retirement accounts since the market averages a 7% return every year on investment accounts. But with historically lower interest averages and lower averages of returns from stocks and bonds, the market has had too many fluctuations for the rule to work. For the average retiree (who is now also living longer historically than previous retirees), the 4% rule can lead to a decimated nest egg.