Annuity Date: The specific date on which an annuity payment is scheduled to be made to the annuitant, typically on a regular basis such as monthly, quarterly, or annually. This date is determined at the time the annuity contract is established and remains consistent throughout the duration of the annuity.
Annuity date refers to the specific date on which an annuity contract begins or is scheduled to begin making regular payments to the annuitant. An annuity is a financial product typically offered by insurance companies, where an individual makes regular payments or a lump sum payment to the annuity provider in exchange for a guaranteed income stream in the future.
The annuity date is significant as it marks the commencement of the annuity payments, which can be in the form of a fixed amount or variable payments based on the performance of the underlying investments. The annuity date is usually determined at the time of purchasing the annuity contract and is agreed upon by both the annuitant and the annuity provider.
It is important for individuals to carefully consider the annuity date as it impacts the timing and amount of the future income stream. Once the annuity date is set, it is generally not possible to change it without incurring penalties or fees. Therefore, individuals should assess their financial needs and goals before selecting an annuity date that aligns with their retirement or income objectives.
In conclusion, the annuity date is the specific date when an annuity contract begins making regular payments to the annuitant. It is a crucial aspect of the annuity agreement and should be carefully considered to ensure it aligns with the annuitant’s financial objectives.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March 2024.
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