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Immediate annuities are a type of financial product that provides a guaranteed stream of income for a specific period of time or for the rest of the annuitant's life. They are typically purchased with a lump sum of money and begin making payments to the annuitant immediately, usually within a year of the initial investment. Immediate annuities are often used as a way to ensure a steady income during retirement, as they can provide a reliable source of funds without the risk of outliving the income stream. They are also commonly used to convert a large sum of money, such as from an inheritance or a retirement account, into a predictable and consistent income stream. Immediate annuities may be fixed or variable, offering different levels of risk and potential return.