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What is an Annuity?

An annuity is a long term arrangement with an insurance provider that ensures the employee a constant level of income at a later date, usually after retirement. Through it, an employee gets to save the amount for retirement. For that, employees need to pay a stream of amounts regularly. Moreover, employees may buy an annuity plan on their own or obtain one via their employer.

Types of Annuities

The types of Annuities include,

Related: 401(a)