Quick Answer
An annuity is an insurance contract that acts as a savings vessel, providing stable income in old age.
Detailed Answer
An annuity is a savings and retirement account that helps older individuals pay for living expenses. Instead of withdrawing all the money at once to pay for expenses, individuals receive monthly payments, like income, to help with living costs.
Individuals can also combine their annuity with Long-Term Care Insurance to form a hybrid policy. These hybrid policies can give individuals extra uses for their annuity to help cover the cost of long-term care.
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