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A contract sold by an insurance company designed to provide payments to the holder at specified intervals, usually after retirement. Fixed annuities guarantee a certain payment amount, while variable annuities do not, but do have the potential for greater returns. Both are relatively safe, low-yielding investments. All capital in the annuity grows tax-deferred. An early withdrawal penalty often applies. - More generally, a series of payments of set size and frequency, often to a retired person.