An annuity is a type of investment in which you contract with an insurance company to put in payments for a certain period of time (or pay in a lump sum) and in return will receive regular payments at a later date. These are also tax deferred products.
An annuity also offers a death benefit of the value of the annuity at time of death or the amount that the buyer has put into it, whichever is higher. Fixed annuities offer a guaranteed payout and are a safe retirement strategy.
JWA will be happy to discuss everything you need to know about annuities.