Annuities are designed to help you grow your retirement income. They’re long-term contracts from an insurance company where you invest your money. In return for your investment, you get income in the form of regular payments.
An annuity is a long-term investment that is issued by an insurance company and is designed to help protect you from the risk of outliving your income. Through annuitization, your purchase payments (what you contribute) are converted into periodic payments that can last for life.
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