An annuity is a contract with an insurance coverage firm that gives a gradual stream of revenue for a specified time period, or for the remainder of your life. Annuities could be a worthwhile software for retirement planning, as they will present a assured revenue that may provide help to preserve your way of life in retirement.
There are two major sorts of annuities: quick annuities and deferred annuities. Instant annuities start paying out revenue straight away, whereas deferred annuities help you accumulate cash for a time period earlier than funds start. The kind of annuity that’s best for you will rely in your particular person circumstances and monetary targets.
