An annuity is a way to provide supplemental retirement income by converting your annuity into a stream of income that can then be paid over a fixed period or for your lifetime.
Types of annuities:
- Immediate - Provides income payments that normally begin within a year after the premium is paid.
- Deferred - Provide income payments that begin later, often after many years. Deferred annuities are designed for long-term savings purposes.
