Kimberly Foss calls them "tweeners." But, no, she's not referring to those legions of pre-teens who worship Justin Bieber. Instead of the baggy-pants one, Foss, CFP®, founder and president of Empyrion Wealth Management in Roseville, Calif., is talking about baby boomers, mostly in their 50s, who have been displaced from their jobs and are possibly entering a second career. At the same time, they are also contemplating retirement and how they will fund their golden years. "But they don't have quite enough money for full retirement so they are looking for a way to get a guaranteed income but not take it right now," Foss says.

Enter the latest hot product in the annuity world, the deferred income annuity, or DIA. In simplest terms, a baby boomer can buy a DIA at age 55, but not switch on the income spigot until he or she actually retires in, say, 10 years, or whatever start date a purchaser may choose.

Perhaps the best illustration of the typical DIA buyer is a 51-year-old client of Foss's. After being downsized from her employer, she is now doing consulting work and living off taxable investments. Nevertheless, she wants to ensure a guaranteed income stream when she does fully retire. So she plowed $300,000 into a deferred income annuity that will give her a 5 percent payout beginning at age 65. "And she'll get that for life," Foss says.