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An annuity is a financial contract that provides a series of payments to an individual, typically in retirement. It works by investing a lump sum or a series of payments over time, then paying out a fixed income stream. There are various types of annuities, including payout annuities. Annuities can be a useful tool for retirement planning, offering a guaranteed income stream. There are 5 ways to pay for retirement, including annuities.

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