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Turn your pension into regular income for life with a pension annuity. ... you generally have two ways to receive that money in retirement: As a single lump-sum payout or as a stream of monthly ...
Each annuity is a contract between you and an insurance company: You provide the company money now, and they promise to pay you a steady income later, potentially for the rest of your life.
Life annuities may be sold in exchange for the immediate payment of a lump sum (single-payment annuity) or a series of regular payments (flexible payment annuity), prior to the onset of the annuity. The payment stream from the issuer to the annuitant has an unknown duration based principally upon the date of death of the annuitant.
An annuity provides a reliable income stream, offering a sense of security in retirement. Your payments arrive at the same time every month, typically for the rest of your life.
However, as is the case with all defined benefit plans, a cash balance plan must also provide the option of receiving the benefit as a life annuity. The amount of the annuity benefit must be definitely determinable as per IRS regulation 1.412-1. Defined benefit plans may be either funded or unfunded. In a funded plan, contributions from the ...
Most single premium immediate annuities are fixed. Variable immediate annuity: This annuity invests your principal amount in sub-accounts similar to mutual funds. The income stream you receive is ...
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