Real Estate Terms Glossary
What is an Annuity?
An annuity, also known as a X, is a financial product that pays out a fixed amount of payments to an individual. In many circumstances, annuities are used as an income source for retired individuals. Financial institutions issue annuity contracts to individuals as a hedge against outliving their savings. The way they work is the financial institutions will invest funds from individuals, and upon annuitization, the financial institution will issue a stream of payments to an individual.
There are two types of annuities: Fixed Annuities and Variable Annuities
Fixed Annuities
Fixed annuities provide regular payments to individuals, and the amount of income is fixed.
Variable Annuities
Variable annuities allow for the annuitant to have some skin in the game on their investment, and payments are variable depending on how well the investment does.
Annuity Examples
Examples where you will find annuities include:
- Example 1. Annuities may be sold to individuals as a long term investment
- Example 2. Annuities may be found paying retierees income
- Example 3. Annuities may be purchase by high net worth individuals as ‘safe bets’
Here’s Wikipedia’s definition of an Annuity .
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