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When the annuity period begins and the account starts paying the annuitant, then the account is said to be annuitized.The periodic payment is determined primarily by how much is in the account, how much it earns during the annuitant's life, and how long the annuitant is expected to live.Note that these annuities are nonqualified annuities, meaning that they do not refer to the annuities paid by tax-qualified pension and profit-sharing plans, §403(b) plans and §457(b) plans offered to many employees.

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Annuities are insurance contracts bought by a person, known as the contract owner, that will pay the annuitant, the person who will receive the annuity, a periodic amount starting at a given date and continuing for the rest of the annuitant's life.

Usually, but not necessarily, the contract owner and the annuitant are the same person.

Although most annuities are for retirement, the payouts can start at any time.

The duration when money is paid into an account is known as the accumulation period; the time that the annuitant receives the money is known as the annuity period.

The principal is not taxed because the premium is paid with after-tax dollars.

During the annuity period, a certain percentage of the initial distributions is considered to be a return of the principal, so that percentage of the distribution is tax-free.After the principal has been reduced to 0, the entire portion of succeeding distributions will be subject to ordinary income taxes, even if the earnings were from capital gains.Many annuities provide a death benefit, but unlike the death benefit paid by life insurance, it is taxable to the beneficiaries.Because annuities are not insured by the government, their safety depends on the claims-paying ability of the insurance company.Principal, earnings, and payouts can be lost if the insurance company defaults. Best, Moody's, and Standard and Poor's for ratings of insurance companies.This is particularly important considering that an annuity can last for decades. There are different types of annuities that can be classified according to the variability of the periodic payment amount: fixed, variable, or a combination thereof.

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