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== What Is an Annuity? == An '''annuity''' is a financial product offered by insurance companies that provides a guaranteed stream of income, typically for retirement. It is designed to protect individuals from the risk of outliving their money. In exchange for a lump sum or regular premium payments, the insurer agrees to make scheduled income payments now or in the future. There are many types of annuities, but most fall under two categories: * '''Deferred Annuities''' β grow your money now and pay you later * '''Immediate Annuities''' β start paying you income right away
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