annuity
Noun: 1. A fixed sum of money paid to someone each year, typically for the rest of their life or for a specified number of years, often as a form of investment income or pension. * An annuity is a financial product that provides a stream of payments in exchange for an initial lump-sum investment or a series of contributions. * It is a contract with an insurance company or financial institution designed to provide steady income, especially during retirement.
The word "annuity" is used to describe the financial instrument itself or the regular payment received from it. It is a formal term common in finance, retirement planning, and insurance contexts. * Subject of a sentence: "The annuity provides a guaranteed income." * Object of a verb: "He purchased an annuity." * Object of a preposition: "She lives on her annuity."
- After retiring, she relied on her annuity to cover her monthly expenses.
- The lottery winner chose to receive the prize as a 20-year annuity rather than a single cash payment.
- Part of his pension was converted into a lifetime annuity.
- "Life annuity": An annuity that provides payments for the remainder of the annuitant's life.
- A life annuity ensures you cannot outlive your income.
- "Fixed annuity" / "Variable annuity": A fixed annuity provides regular, guaranteed payments, while a variable annuity's payments fluctuate based on the performance of its underlying investments.
- He preferred the security of a fixed annuity over the potential higher returns of a variable annuity.
- "Annuity due": An annuity where payments are made at the beginning of each period (e.g., the start of the month) rather than at the end.
- The lease contract specified payments as an annuity due.
- Annuitant (noun): The person who receives or is entitled to receive the payments from an annuity.
- The annuitant must be at least 59½ years old to avoid penalties.
- Annuity certain (noun phrase): An annuity that guarantees payments for a specific number of years, regardless of the annuitant's lifespan.
- Pension: A regular payment made during a person's retirement from an investment fund to which that person or their employer has contributed. (Note: A pension is often funded by an annuity contract.)
- Stipend: A fixed regular sum paid as a salary or allowance. (Note: This is more general and not specifically an investment product.)
- Allowance: An amount of money paid regularly to a person. (Note: This is a very general term.)
- To annuitize (a sum) (verb): To convert a lump sum of money into a series of annuity payments.
- At age 65, he decided to annuitize his retirement savings.
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income from capital investment paid in a series of regular payments
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his retirement fund was set up to be paid as an annuity
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