What is an annuity

 An annuity is a financial product that provides a series of payments over a specified period of time. An annuity is typically purchased with a lump sum payment, and the payments are made at regular intervals, such as monthly, quarterly or annually. The payments can be fixed or variable, depending on the type of annuity, and can be guaranteed for a specific period of time or for the lifetime of the annuitant. Annuities are commonly used as a retirement savings vehicle, providing a steady stream of income during retirement.

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