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Annuity
A financial product that pays out a fixed stream of payments to an individual, typically used as an income stream for retirees.
Tax-Free
Income or financial transactions that are exempt from taxation by the government.
Contract Holder
An individual or entity that owns an agreement or policy, particularly in contexts like insurance or investments.
AGI
Adjusted Gross Income, which is total income minus specific deductions, serving as a determinant for various tax credits and deductions.
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