An annuity is an agreement you make with an insurance company to provide you with regular payments in exchange of a lump sum. There are two main types of annuities such as Immediate or deferred. Immediate annuity is the provision of guaranteed income for the rest of your life. The below annuity calculator helps you to calculate annuity end balance, total principal and total interest. Enter principal amount, annual addition, monthly addition, annual interest rate to get the result.
Annuity financial product might be sometimes complex, however it provides a number of benefits to the user including lifetime income and annual adjustments to your cost of living expense.