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annuity
(redirected from annuitized)

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annuity

Contract where a lump sum is used to purchase regular income, usually made with an insurance company.

The amount of income paid depends on the annuity rates at the time the annuity is purchased. Annuity rates depend on factors such as the prevailing interest rates. The company paying the annuity retains the lump sum after the person purchasing the annuity dies, in return providing a fixed and regular payment for the duration of the purchaser's life. Annuities are a common method of paying pensions. Upon retirement an individual might purchase an annuity with a lump sum accumulated in their pension fund. The annuity may be deferred; when using an annuity for pension income this means the recipient need not convert the lump sum into an annuity immediately upon retirement, instead allowing them to wait for the most favourable market conditions.
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? Mentioned in ? References in periodicals archive
 
Among its major provisions, the bill would provide safe harbor from age-discrimination suits for employers that transition to so-called "hybrid" cash balance or DB/k plans, which combine annuitized defined-benefit payouts with 401(k) savings and investment features.
Congress passes pensions bill, estate-tax cut fails by Lehmann, R.J. / Best's Review
In addition to annuitized payments to a beneficiary for life, annuities can also provide either annuitized payments for a limited number of years, or a lump-sum payment to the beneficiary.
A primer on annuities by Schulman, Michael David / The Tax Adviser
Researchers have taken a wide variety of approaches to examine the issue, including measuring changes in household consumption at the time of retirement, calculating the annuitized value of existing wealth, comparing the wealth accumulation patterns of current and previous generations, and comparing the results of simulation models of optimal wealth accumulation with households' actual saving behavior.
Lifetime earnings, social security benefits, and the adequacy of ... by Uccello, Cori E. / Social Security Bulletin
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