An annuity is a contract between you and an insurance company that is designed to meet retirement and other long-range goals, under which you make a lump-sum payment or series of payments. In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date. Alternatively, you may choose to withdraw your contract’s value as a lump sum payment, although doing so may subject you to surrender charges, taxes, and tax penalties.
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