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I'm learning disabled and need to understand what an annuity is

LC2 5,918 2,171 September 9, 2016 at 11:32 PM
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So, I'm handling the estate of a parental unit and it's all pretty straight forward - no debt, no loans, no mortgage. But there's an IRA and awhile back an annuity. Ex-spouse unit is not explaining things well.

There was an annuity but I can't find any statement of the balance or anything if that makes sense. Parent is 75 and hasn't worked in decades so I'm thinking the annuity no longer exists? Do I request an audit? It's complicated because I don't have notarized power of attorney and am dealing with a paper hoarder. Facepalm

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#2
By no means am I an expert, but an annuity is usually where you pay a large sum of money and then you get guaranteed payments over time. Deferred annuity is what I've mostly read about: You pay 100k when your 60 and if you live to 85, the annuity company will pay you 20k a year for life....or something like that. Similar to insurance, there are a lot of options. I would assume there is an annuity contract that spells out the details.
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#3
Find someone who can help you sort through everything. Especially if you are not quick to understand things. It will save a great deal of time.
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"This whole.. I have XX company so my pee pee is 2" longer talk is hilarious. Who cares what company is cheapest, best, etc. Pick the company and plan you want and keep it to yourself."
#4
My dad had an annuity that paid him $200 a month until he died. If he died before the annuity was 10 years old then there would be a cash pay out. My dad collected for 12 years before he died to there was no cash pay out.
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