What is an Annuity?
An annuity is a financial product issued by an insurance company. It allows
tax-deferred growth of assets. At retirement, an annuity can help to
provide a guaranteed income stream for one or more people, in specified amounts,
for a specified period or for life.
We are all interested in financial security after retirement. Annuities are the only financial product that guarantees your retirement money will be there as long as you live. An annuity can guarantee stable payments to you for your entire life.
Annuities provide you with a unique advantage- income for life. The amount of income you receive will be based on the several factors including:
- The value of your annuity
- Your age
- The type of annuity option you choose