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An annuity plan, also known as a retirement plan, as the name suggests is best suited for retired people. However, though the plan benefits the retired folk, it is very important to note here that the plan should be bought by the individual well before his retirement. So in essence, an annuity plan should be taken by a person who is planning ahead for his retirement years as such a plan would provide the person with all the financial assistance needed in that phase of his life.