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The accumulation phase refers to the period of a person’s life during which he saves money for retirement. An annuitant is an investor or beneficiary of a pension plan who is entitled to regular pension payments or annuity investments. Annuitization is the process of converting an annuity investment into a series of periodic income payments. Annuities are financial products that offer a guaranteed income stream, typically for retirees. An annuity payment is an annuity that must be paid immediately at the beginning of each period. An annuity table is a tool used to determine the current value of an annuity. A deferred annuity is an insurance contract that promises to pay the buyer a regular income or a lump sum of money some day in the future. In contrast, immediate annuities start paying immediately. The equivalent annual annuity is one of two methods used in capital budgeting to compare mutually exclusive projects with unequal lives. Fixed annuities are insurance contracts that pay a guaranteed rate of interest on the account holder’s contributions. The future value of an annuity is a way of calculating the monetary value of a series of payments at some point in the future.