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  Tuesday November 21, 2017

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ANNUITIES
Learn even more about this topic with the Encyclopedia of Personal Finance™

These terms cover annuities in general, and some specific annuities.

Annuitant: One who receives payments from an annuity contract.

Annuity: A guaranteed yearly allowance paid by an insurance company or other entity in consideration of a lump sum payment (premium) for the contract. This yearly payment continues for a set number of years or until the annuitant's death.

Annuity units: Shares of an annuity's separate account used to calculate payment from variable annuities.

Fixed-dollar annuity: An annuity with guaranteed equal payments.

Individual retirement annuity: An individual retirement account in the form of an annuity. It has contribution and distribution regulations like traditional IRAs do.

Joint annuity: An annuity covering two or more people.

Premium: An amount of money paid to purchase an annuity contract. The amount varies according to the benefits purchased. The premium can be either a lump sum payment or a series of payments.

Retirement annuity: An annuity with funds intended for one's retirement. The premium is calculated to provide a predicted future benefit.

Tax-sheltered annuity: An annuity with premiums (contributions) paid by pretax dollars from one's earned income. Taxes on both contributions and earnings are thus "deferred" until distribution.

Variable annuity: An annuity with earnings and distributions that vary according to how well its investments perform.

Some basic IRA terms are next.




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