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Deferred annuity

• An annuity under which benefit payments do not begin when the annuity is purchased. In a typical deferred annuity, the individual accumulates money on a tax-deferred basis until retirement, then converts the accumulated value into income payments or withdraws it in a lump sum.

• An annuity contract that delays payments of income, installments, or a lump sum until the investor elects to receive them.

 
 

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