Definition, Meaning & Synonyms
annuity
noun
/əˈnjuː.ɪ.ti/
Definition
An annuity is a financial product that provides a series of payments made at equal intervals.
Examples
- The couple decided to purchase an annuity to ensure a steady income in retirement.
- After reviewing their options, she chose an annuity that offered payments for the next 20 years.
Meaning
Annuities are often used as a way to save for retirement, where you can receive regular payments over a certain period of time.
Synonyms
- pension
- income stream
- retirement plan
