annuity
//əˈnjuːɪti//
Noun
annuitySingular
annuitiesPlural
1
A fixed sum of money paid to someone each year, typically for the rest of their life, often as a form of retirement income or insurance payout.
After retiring, she receives a monthly annuity from her pension plan.
2
A type of investment or insurance contract that provides regular payments over a specified period or for life in exchange for a lump sum or series of payments.
She purchased an annuity to ensure a steady income during her retirement.