annuity
Definitions
A fixed sum of money paid to someone each year, typically for the rest of their life.
A form of investment or insurance policy that provides a series of payments at regular intervals.
Examples
The retiree decided to invest her savings in an annuity to ensure a steady monthly income for the rest of her life.
Before signing the contract, he carefully reviewed the terms of the annuity to understand the payout structure.
Synonyms
pension fixed income periodic payment retirement benefit annual allowance