Post-retirement life deserves maximum comfort and security. With the help of annuities an individual can secure post-retirement life through savings, funds already saved, and also a regular flow of income. These are financial contracts between the owner and an insurance company and most annuities allow for the addition of optional benefits too.
The payments made towards an annuity are tax-deferred and can be made in monthly payments or as a lump sum amount. It’s highly beneficial for pre-retired people.