Annuities and Retirement

My two older cousins are teachers and every pay day their salary has a lot of deductions like income tax, health insurance, housing deposit and national pension or annuities  which is design for their retirement in the future. Sometimes there is also a loan deduction if they applied for a loan so there are times that nothing is left on their salary even though they just receive it.

If you are not familiar with annuity this is a contract that designed to meet long range goals or retirement  between you and an insurance company, you will have a series of payment monthly and in return when you retired you can immediately apply for the pension.

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