Annuity
What is an? annuity?
Annuities come in so many forms that I cannot even begin to explain them. But from the little that I seem to understand it is about insuring that you get what you need. It can be a bit socialistic in terms that you only get what you need but on the other hand it can help those in need.
You can have annuities that give off a life time income though I suspect you miss out on the capital you built.
You can have an insurance policy that would cover your mortgage as time goes by but would only cover what is left of your mortgage despite that the more time passes, the less you will actually owe on your mortgage!
I think I am too Capitalist at heart to want an annuity (though I suspect I may somehow have one as it is a mortgage requirement of ours that decreases our mortgage costs!). Argh. What conundrum!
