Annuities are financial products that offer guaranteed income payments over a set period. They are typically purchased from insurance companies, and the payments are made either as a lump sum or in regular installments. Annuities can be classified into two broad categories: immediate and deferred annuities. Immediate annuities begin paying out immediately after purchase, while deferred annuities have a waiting period before payments begin.
Here's an overview of the most common types
