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September 25, 2023
An immediate annuity is an insurance product that provides guaranteed income: You give an insurer a chunk of money, and the company gives you a stream of payments that can last for life. The payments begin within 12 months of purchase.
Now may be a good time for retirees to buy an immediate annuity, since payouts are the highest they've been in a decade, says Rob Williams, managing director of wealth management at Charles Schwab.
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