annuity

An annuity is a financial product that provides a steady stream of payments over a specified period or for life, in exchange for an initial lump sum or series of payments. It’s often used for retirement income, offering predictability and security. Think of it like a personal pension plan; once you invest in it, you receive regular income later, which can help manage expenses and ensure financial stability. Annuities can be designed to last for a set number of years or your entire lifetime, depending on your needs.