An annuity is a contract with an insurance company where you exchange a lump sum (or series of payments) for guaranteed income — either immediately or starting at a future date. The insurance company pools your money with other annuitants and uses actuarial math to guarantee payments for your lifetime.
This answer is provided for general informational purposes only and does not constitute financial advice. Every family’s situation is different. For personalized guidance, schedule a free consultation with our team.
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