Annuities are financial products that provide a steady income stream, typically for retirees. In exchange for an initial investment, an insurance company makes periodic payments to the annuitant, either immediately or at a future date. There are different types of annuities, including fixed, variable, and indexed, each with varying growth potential and risk.
Key FAQs
What are the benefits of an annuity?
“Annuities provide guaranteed income, tax-deferred growth, and can be customized for lifetime payments.”
How does an annuity work in retirement?
“An annuity provides a stream of income in retirement, offering either fixed or variable payments based on the terms of the contract.”
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