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What is an annuity?

What is an annuity? Here are some definitions.

Noun
  1. A right to receive amounts of money regularly over a certain fixed period, in perpetuity, or, especially, over the remaining life or lives of one or more beneficiaries.
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The value is subject to the normal income tax on the money drawn down from the fund or annuity.
Several institutional investors are also still buying into the sector and see property as a safer bet to match long-term annuity liabilities.
Robert relinquished his claim in return for Henry's territories in Normandy and a large annuity.
You put off buying an annuity, invest the money, and draw some of it off as a pension.
Hideo succeeded and was awarded the decoration and an annuity for carrying out his duty so well.
Until 1999, the only choice available to anyone retiring was an annuity, a fixed income for life.

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