An annuity that commences only after a lapse of some specified time after the final purchase premium has been paid.
- Generally speaking, there are two primary ways annuities are constructed and used by investors: immediate annuities and deferred annuities.
- Unlike deferred annuities, which people use to save for retirement, income annuities are for parceling out money already accumulated.
- This means that I will receive a pension of 38% of what I am entitled to if I leave it to them to buy a deferred annuity on my behalf.
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