A financial contract that provides annual payments until a specified year or until ones death is

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An annuity is a financial contract that provides fixed, regular payments over a specified period of time or until the recipient's death. This can be used as a form of retirement income, where the individual pays a lump sum or periodic payments in exchange for annual payments until they pass away or until a fixed date. A pension is similar, but it is typically provided by an employer as a retirement benefit. A RRIF (Registered Retirement Income Fund) is a type of account that is used to withdraw funds from a registered retirement savings plan (RRSP) or a pension plan during retirement, and a GIC (Guaranteed Investment Certificate) is a type of investment that provides a fixed rate of return over a specified period of time.

A Financial Contract That Provides Annual Payments Until a Specified