The series of payments from the capital that has built up in an annuity. The payments may be a fixed amount, or for a fixed period of time, or for the lifetimes of one or two annuitants. See: Annuitant; Annuity; Deferred Annuity; Fixed Annuity; Immediate Payment Annuity; Variable Annuity
The act of changing a deferred annuity into an annuity that provides regular payments. An occasional withdrawal may be made from a deferred annuity without annuitizing it. See Annuity and Deferred annuity.