Understanding Annuity Products:
A Guide to Retirement Income Planning
An annuity can ensure a predictable and stable source of income during the retirement years
As people approach retirement age, one common concern is whether they will have enough financial resources to support themselves during their retirement years. To address this concern, annuity products were developed to provide individuals with a sense of financial security and peace of mind.
An annuity is a contractual agreement between an individual and an insurance company. Under this agreement, the individual agrees to pay a specified amount of money either in a lump sum or through regular installments, and in return, the insurance company agrees to provide the individual with a series of payments at a future date. The length of these payments can vary depending on the type of annuity chosen. Some annuities offer payments for a specific time span, while others offer payments for the individual’s lifetime.
By choosing an annuity, individuals can ensure that they have a predictable and stable source of income during their retirement years. This can provide peace of mind and alleviate concerns about running out of money in retirement.
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