An annuity is a long-term insurance contract wherein you make an investment in the plan and in return receive payments from it on a future date or a series of dates. The income you get could be a lump sum payment or a monthly/quarterly/annual payout, depending on the terms of your annuity contract.

How Do Annuities Fit into Your Retirement Plan?

Annuities provide the perfect balance of growth and security, with the added advantage of regular payouts in the future. A vast number of financial studies have indicated that retirees…