Annuity is a fixed sum of amount payable each year against money parked under Pension Policy or in Equity Funds.
This how u put in sentences: Do I have to purchase an annuity at age 75?
Explain! Yes is not an answer...
One may find information that explains what an annuity is by using the site Investopedia. The site is basically an encyclopedia that is strictly related to investment and money subjects.
There is no way to get through the taxes that happen with taking out annuity funds. The taxes can be up to forty percent, which is almost half of all money made! Keep your money in the annuity until retirement.
pension, annuity, alimony
If the annuity is a non qualified tax deferred annuity (an annuity that taxes were paid on the money before they were placed into the annuity) you will pay taxes on any interest growth when it is removed from the annuity. If the annuity is a qualified annuity (no taxes were paid prior to placing the fund into the annuity) you will pay taxes on all withdrawals from the annuity.
difference between an annuity and a compound annuity?Read more: What_is_the_primary_difference_between_an_annuity_and_a_compound_annuity
ordinary annuity
The option to get annuity every month is called monthly annuity.
Annuity is a term that usually relates to financial matters. The word annuity would normally be meant to describe any continuous payment with a fixed total annual amount.
an annual deduction, duty, or payment out of a manor or estate, as an annuity or the like.
pension, annuity, alimony