In Singapore, where cost of living is relatively high and life expectancy continues to increase, many people are keen to find reliable solutions for financial security in their golden years. You might have heard friends bring up annuity insurance policies when retirement is being brought up, but are unclear what they actually are. Simply put, it is a policy in which you pay a sum of money now and gets you a regular stream of payout in your later years. Here, we will delve deep into what an annuity plan is, the types of policies available, and the pros and cons of such a plan. Firstly, what is an annuity plan? An annuity is a type of insurance policy that provides a regular stream of income for as long as you live, or for a stated period, usually at least until the age of 100. The monthly or annual income you get can be made...