What Is a Variable Annuity

What Is a Variable Annuity
Variable annuities are different from fixed ones. Their special characters might meet your needs for your retirement or even before your retirement. Vadi Fuoco/ShutterStock
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As previously discussed, when it’s time to buy an annuity, you have the choice between an immediate and deferred annuity.

If you prefer an immediate annuity, you’ll make a lump-sum payment. Within a year of the contract, the insurance company will begin issuing you a monthly income—which can either be for a specified number of years or for the rest of your life. And, the payment amount will be based on factors like your age.

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