annuity

This term describes a financial arrangement designed to provide a guaranteed stream of income, typically used to mitigate the risk of outliving one's savings during retirement. It carries a connotation of security and long-term stability, contrasting with the volatility of direct market investments. In a legal and insurance context, it refers to the specific contract or the resulting payment stream. While it functions as a countable noun, it is often discussed in the singular to refer to the general financial product or a specific individual's plan.