An annuity can either be immediate or deferred: with a deferred annuity, you will not begin receiving payments for a certain period of time.

延缓年金就是说投资者要在一定时间后才开始获得收益。

youdao

But you could sell the CD and buy a deferred annuity instead, Mr. Landis says.

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Your Labrador would probably have better sense than to buy a deferred annuity.

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With a deferred annuity, you pay now and hope to accumulate assets through either a variable product that invests in equity mutual funds or a fixed product that offers bond-like returns.

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