What does annuity mean?
noun
A fixed sum of money paid at regular intervals, typically for a person's lifetime or for a set period of time, in exchange for a lump sum of money or other assets. An annuity is often used as a means of providing a steady income in retirement.
Example
"The couple invested in an annuity to ensure a steady income in their old age."
Definition generated by AI and curated by RJS Tech Solutions LLP.