Instant Income,
Lifetime Security
Instant Income,
Lifetime Security
What is an Immediate/Income Annuity?
An immediate annuity is a contract between you and an insurance company. You provide a lump sum of money, and in return, the insurance company pays you a guaranteed income. These payments can start almost immediately after signing the contract and can last for a specified period or for the rest of your life.
How Immediate Annuities Work
Single Premium Immediate Annuity (SPIA)
This is the most common type of immediate annuity, where you make a single large payment to the insurer.
Income Amount
The amount of income you receive depends on several factors, including the size of your lump-sum premium, your age, and the type of annuity chosen. Generally, the more you invest and the older you are, the higher your payments will be.
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Frequently Asked Questions
What are the types of Retirement Plans?
457(b) Plan
A 457(b) plan, also known as a deferred compensation plan, is a tax-advantaged retirement savings plan for employees of certain state and local governments, as well as tax-exempt organizations. Learn More.
403(b) Plan
A 403(b) plan, also known as a tax-sheltered annuity plan (TSA), is a retirement plan that allows employees to save and invest for retirement while receiving tax advantages. Learn More.
401(k) Plan
A 401(k) is a company-sponsored retirement account where employees can contribute a percentage of their income, often with employer matching. Learn More.
What are Required Minimum Distributions (RMDs)?
RMDs are the minimum amounts that must be withdrawn annually from certain retirement accounts to comply with federal tax rules. Learn More.