Annuities
Annuities are financial products offered by insurance companies that provide a steady stream of income, typically used for retirement planning. In exchange for a lump-sum payment or series of payments, the insurer agrees to make periodic payments to the individual starting either immediately or at a future date. There are several types of annuities, including fixed, variable, and indexed, each with different levels of risk and potential return. Annuities can offer benefits such as tax-deferred growth, guaranteed income, and protection against outliving one's savings. However, they may also come with fees, surrender charges, and limited liquidity.
