- A fixed sum of money paid to someone each year, typically for the rest of their life.
- A financial contract that provides a stream of payments in exchange for an initial lump sum.
Late middle english (denoting a yearly payment of rent or taxes): from latin annuitas, from annuus "yearly", from annus "year".
- He invested in an annuity to ensure a steady income in his retirement.
- The annuity payments will start when he reaches 65.
- The company offers a variety of annuity options to its employees.
- She decided to use the money from the sale of her house to purchase an annuity.
- The annuity will provide him with a steady income for the rest of his life.