An annuity is a financial product where the purchase price is paid in a single, upfront payment. This type of investment provides regular income payments over a specified period of time, typically in retirement. It can offer a steady source of income and help with managing financial risks. However, it's important to carefully consider factors such as interest rates, inflation, and fees before deciding on an annuity as part of your financial plan. It's always wise to seek advice from a professional financial advisor before making any major investment decisions.
