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What is an annuity & how does it work?

At its most basic level, an annuity is a contract between you and an insurance company that shifts a portion of risk away from you and onto the company. There are 2 basic types of annuities: Income annuities can offer a payout for life or a set period of time in return for a lump-sum investment.

What is an annuity contract?

More specifically, an annuity contract is a legally binding, written agreement between you and the annuity provider that issues the contract. This contract transfers your longevity risk — the risk of you outliving your savings — to the insurance company. In exchange, you pay premiums as outlined in the contract.

What is a fixed annuity?

A fixed annuity pays you a guaranteed annual minimum, ensuring you receive a baseline of income from the contract each year. Depending on the details of the annuity contract, a fixed annuity could pay you more in years when the annuity company’s investments earn higher returns.

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