Income tax on annuities is deferred, which means you aren't taxed on the interest your money earns while it stays in the annuity. Tax-deferred accumulation isn't the same as tax-free accumulation.
Income will continue to be paid out until the death of the annuity holder. Conventional annuities are the most common retirement income annuity. Income stability is why annuities are often part of retirement portfolios.
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