Saving for Your Retirement
What is an Annuity? How does it work? How can it benefit me? What types of Annuity are there? Which would be best for me and my family?
What is an Annuity?
An annuity is an insurance contract between you (the annuity owner) and an insurance company. In return for your payment, the insurance company agrees to provide you either a regular stream of income or a lump sum pay-out at some future time (generally, once you retire or pass age 59 1/2).