What is an annuity?

Source: bankersannuitybrokerage.com

It may be easy to find financial matters a bit daunting when you may not have the clearest understanding of financial terms and what they encompass.

Take annuities for example.

“An annuity is a contract with an insurance company that is funded by the purchaser and designed to generate an income stream in retirement. It is a flexible financial vehicle that can help protect against the risk of living a long time because it provides an option for a lifetime income,” according to an article on the Krinos Group website.

Sometimes one may be encouraged to outsource all of their financial matters to third-party firms, advisors, etc. While it may be important to seek financial advice from such outlets, having a basic understanding of key financial terms and what you can gain from each one respectively is significant.

Take a look at this article on annuities on our website and brush up on your financial terminology and understanding.

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