But that $1 million is actually an annuity, which pays out about $25,000 over 40 years—before taxes.
With the remaining $1.775 million, he can buy an annuity that yields almost $89,000 - which still beats working.
He bought an annuity in the king's household and became one of the Gentlemen of the bed chamber.
He's got some kind of annuity from a New York life insurance company.
Sometimes a father leaves an annuity for the support of his daughter in her convent.
She sold her annuity, or gave up her income, in some way, when we came here.
The worthy man, who showed such judgment in the matter of his annuity, was at fault here.
She compromised for an annuity of two hundred pounds, to be continued to her child.
Bad corn years had driven some of the native Christians to take refuge among the annuity Indians of the Mississippi.
It is only fair to tell you that I have no money but my annuity.
early 15c., "a yearly allowance, grant payable in annual installments," from Anglo-French and Old French annuité (14c.) or directly from Medieval Latin annuitatem (nominative annuitas), from Latin annus "year" (see annual (adj.)). Meaning "an investment that entitles one to equal annual payments" is from 1690s.
A sum of money payable yearly or at regular intervals.
Note: Many people's retirement funds are set up to be paid in annuities.