Retirement annuities can refer to many different types of investment vehicles. But in general these are ‘old style’ individual pension plans. These types of retirement annuities were similar in nature to personal pension plans, which allowed you to take a greater amount of your pension fund at retirement as a tax-free lump sum but insisted that you should normally be at least 60 years old before gaining the benefits.
Retirement annuities can be immediate, deferred or even fixed or variable. In general, retirement annuities are can mean many things to many different people. It is important to understand every form of retirement planning before simply jumping into retirement annuities
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