noun a fixed sum of money paid to someone each year, typically for the rest of their life
An annuity is a financial product that provides a series of payments over a certain period of time, often used for retirement income.
An annuity can be used as an insurance product to provide a guaranteed income stream for a specified period or for life.
Annuities have tax implications such as tax-deferred growth or taxable distributions.
An annuity can be used as an investment vehicle to accumulate funds for retirement or other financial goals.
Annuities can be included in estate planning to provide for beneficiaries or to manage tax implications.
An annuity may be used as a source of passive income for writers who want to ensure a steady stream of payments over a set period of time.
Psychologists may recommend annuities to clients as a way to guarantee income during retirement years and alleviate financial stress.
Financial advisors often recommend annuities as a tool for retirement planning and income security for their clients.
Insurance agents specialize in selling annuities as a form of insurance product that provides guaranteed income for individuals in retirement.
Accountants may advise clients on the tax implications of annuities and how they can be used as part of a comprehensive financial plan.