An annuity is an insurance contract you purchase to receive payments for a specific period, such as 30 years, or for the rest of your life. By applying a mathematical formula consisting of variables ...

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An annuity is a financial product that provides a stream of income over a set period. Annuities are often used in retirement planning as a way to generate income from a lump sum investment.

Annuities are built for the long haul, which means taking money out of the account isn't always straightforward.