Immediate annuities allow you to: Supplement your current income. If you are nearing retirement, you may consider transferring another savings or investment account into an immediate annuity. You can also move the proceeds from a deferred annuity into an immediate annuity. Pay taxes only on the portion of your immediate annuity payments that is considered earnings.
Joint Life Only — Payments are made for as long as either the annuitant or joint annuitant typically a spouse is alive. Joint Life with Period Certain — Payments are made for as long as either the annuitant or joint annuitant typically a spouse is alive. However, if both annuitants should die before the end of the specified period certain term typically 5 — 20 years , payments would continue to the designated beneficiary until the specified period certain term had ended.
Joint Life with Installment Refund — Payments are made for as long as either the annuitant or joint annuitant typically a spouse is alive. However, if both annuitants should die before receiving an amount equal to the original premium paid to purchase the annuity, payments would continue to the designated beneficiary until the total of payments made equaled the original premium deposit.
Joint Life with Cash Refund — Payments are made for as long as either the annuitant or joint annuitant typically a spouse is alive.
However, if both annuitants should die before receiving an amount equal to the original premium paid to purchase the annuity, the difference between the original premium deposit made and the total of payments received would be paid in one lump sum to the designated beneficiary. Payments are made for a specified and pre-determined period of time typically 5 — 20 years.
Immediate annuities can also be referred to as an income annuity, instant annuity, ordinary annuity, life annuity, pension annuity, a lifetime annuity, single premium annuity, and Medicaid Annuity. The income rider will provide similar benefits as the SPIA annuity but all-around better results.
You can find immediate annuities here. Use our immediate annuity calculator to run a quote. Single-Premium Immediate annuities are not a good retirement plan for many people for several reasons but can help a specific type of person, primarily retirees living on a fixed income.
Only purchase an immediate fixed annuity if you have plenty of liquid assets to withdraw from in the case of emergencies. Consumers buy immediate annuities for a guaranteed income paycheck to complement their Social Security income. If flexibility and access to your funds is an issue for you, check out a Fixed Index Annuity with a Guaranteed Lifetime Withdrawal Benefit. A common misconception about an immediate payment annuity is zero death benefit if the annuity owner dies on all SPIAs.
This is not true. An immediate annuity consists of a series of income payouts. Below are brief descriptions of common income annuity payouts. Then, go more in-depth with our annuitization guide. Income payments continue for as long as either the annuitant or contingent annuitant lives.
Thus, the joint-life income amount will be paid in full while the annuitant is alive. If the annuitant dies before the contingent annuitant, payments will continue at the rate you requested in your application and be paid for as long as the contingent annuitant lives.
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