An annuity is a financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees as they provide guaranteed income for as long as you live
Annuities are powerful financial planning products that provide guaranteed predictable monthly income for as long as you live, or for a set period of time that you specify, in exchange for a single lump sum payment up front.
The monthly income you receive is safe and secure from the risks of both the market conditions and interest rate fluctuations. And, if you buy your annuity with non-registered savings, you could also benefit from tax savings