An annuity is a fixed cash payment that is received several times over fixed time intervals, such as a cash disbursement of $10,000 a year for 50 years.
An annuity is a fixed cash payment that is received several times over fixed time intervals, such as a cash disbursement of $10,000 a year for 50 years. The most common use of annuities is to supplement income during retirement, such as through pensions or Social Security. Such policies are paid for in advance and then repaid to the policy holder on a monthly or annual basis.
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