Are you concerned with outliving your retirement savings or leaving a financial legacy for your loved ones? An annuity may be the solution.
An annuity provides the opportunity to turn the money you’ve accumulated in your annuity into a steady stream of retirement income. Depending on which payout option you choose, income benefit payments are made for a specific number of years or for life.
Income payout options include:
Fixed period: You receive income benefit payments for a fixed period of time that you select.
Life or life with a minimum fixed period: You receive income benefit payments for life. If you select a minimum fixed period of time and pass away before the end of the period, the remaining income benefit payments are paid to the person you designate.
Joint and one-half survivor: Income benefit payments are guaranteed for your life and the life of a designated joint annuitant. If you are survived by the joint annuitant, he or she will receive 50% of the income benefit payment for life.
An annuity may also serve as an effective estate planning tool with a death benefit that is paid directly to your beneficiaries, which allows them to receive your financial legacy without the cost and delays of probate. Knowing your loved ones will be cared for may provide added peace of mind for your retirement years.
You may have the opportunity to add an income or death benefit rider to your annuity contract to receive additional benefits and control of your money.