ANNUTIES

• The term "Annuity" refers to an insurance contract issued and distributed by financial institutions to pay out invested funds in a fixed income stream in the future. 
• Investors invest in or purchase annuities with monthly premiums or lump-sum payments. The holding institution issues a stream of payments in the future for a specified period or the remainder of the annuitant's life.
• Annuities are mainly used for retirement purposes and help individuals address the risk of outliving their savings. 

More details about Annuities:

https://www.investopedia.com/terms/a/annuity.asp