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Username: LuckyWoman

Rating:
Guru Stars

Asked to: Chaoxiang Lee

Date Created: 05 Jul 2016
Category 28
Tag Financial
Question What is an 'Annuity'?
Advice from Guru
Hello LuckyWoman,

An annuity is a contractual financial product sold by financial institutions that is designed to accept and grow funds from an individual and then, upon annuitization, pay out a stream of payments to the individual at a later point in time. The period of time when an annuity is being funded and before payouts begin is referred to as the accumulation phase. Once payments commence, the contract is in the annuitization phase.

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