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Definitions of annuity

a fixed payment made to someone every year, usually until they die

If you have the option of a lump-sum payment or an annuity, you face an excruciating (=very difficult) choice.

a type of investment where an investor pays an initial principal in return for cash payments each year, usually for a specified period or for the lifetime of the annuitant; a cash payment made as a return on such an investment

Your employer may offer a 403(b) pension plan or a tax-sheltered annuity.