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In its simplest definition, an annuity is an amount payable annually. More specifically, an annuity describes a contract offered by insurance companies which allows you to accumulate funds for retirement on a tax-favored basis and then, if you choose, receive a guaranteed income payable for life or for a period certain such as five or ten years. Usually, the payments are made monthly, but many companies offer to make the payments quarterly, semi-annually, or annually if you so desire.
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