Annuity -

: The amount you would actually receive if you closed the account today [7].

An annuity is fundamentally a between you and an insurance company [15]. When you purchase one, you receive a "personalized annuity booklet" or policy document that outlines your specific terms, including: annuity

: Recent research includes studies on defaulting 401(k) assets into annuities to improve retirement outcomes [38]. : The amount you would actually receive if

: Explores "the annuity puzzle"—why many people find full annuitization optimal in theory but rarely choose it in practice [2, 17, 26]. annuity