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 predetermined period of time.
-
My grandparents receive an annuity every month from their retirement fund.
-
I heard that investing in annuities is a smart move for long-term financial stability.
-
The steady stream of income from the annuity acted as a safety net during tough times.