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please excuse left-handed one finger typing...torn rotator cuff..

Ouchie! Sorry to hear, better soon I hope.

annuities 101 please.

Basically you pay an insurance company a sum of money.

Then at some point (age 65 say) they send you money each month for life.

They charge a fee for this of course.

Advantage: You are guaranteed to get the payment for life.

Disadvantage: The fee can be huge. The payment will not keep up with inflation. Your heirs get nothing. And if you die before age 65 you get nothing. (There are plans which cover both husband and wife.)
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