Retirement annuity

{
  "id": "MLC-T-INS-002932",
  "term": "Retirement annuity",
  "field": "Insurance and risk management",
  "definition": "An insurance contract that provides a series of periodic payments to an individual, beginning at a specified retirement age. The annuitant makes contributions, either as a lump sum or through regular premiums, into an account that accumulates funds on a tax-deferred basis. Upon retirement, the accumulated capital is converted into a guaranteed income stream for a fixed period or for the remainder of the annuitant's life.",
  "url": "https://mlchart.com/terminology/insurance/retirement-annuity/"
}