Reasons Why You Should Use A Single Premium Immediate AnnuityWhat is a Single Premium Immediate Annuity? Simply put, a SPIA is a contract between you and an insurance company. You pay them an one-time premium, and they send you a payment of the rest of you life. A SPIA is used as retirement funding, and is a more reliable way to fund your retirement than a stock portfolio can be. You can get quotes from brokers by telling them how much money you need each year, and they will tell you how much it will cost to buy into an annuity. The funding of a SPIA goes like this, you buy into the contract and they send you payments. The payments do not transfer to your heirs when you die. So, if you purchase an annuity and then 2 weeks later, your heirs do not get that payment or the payments you would have gotten for the rest of your life. That money goes into a pool to pay those who survive past their life expectancy. If you were to count on a stock/bond portfolio for your retirement income, it is fairly possible that you would run out of money before you run out of retirement because of the way that inflation would raise the withdrawal necessary. The use of a fixed SPIA gives you a guaranteed income for your retirement without having to worry about running out of money. For a larger premium, you can get an annuity that is linked to the rate of inflation. You don't have to worry about having to figure out which stock or bond will perform well, or which one is going to tank. You can rest secure knowing that your payment will be the amount that you need, no matter what happens. The use of a Single Premium Immediate Annuity makes planning for your retirement so much easier, since you know what you will need, and that it will be provided in that amount for as long as you live. You don't have to worry about running out of money and trying to figure out how to continue to fund your retirement for as long as you need to.
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Provider Overview - ING Annuities
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The ING Group is based in Amsterdam and offers 85 million customers in over 40 countries banking, investments, life insurance, and retirement products. The ING Group also offers services to individuals as well as corporate and institutional clients.
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Articles illuminates variable annuities and helps investors decide if they are right for their portfolios.
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Also known as Joint Life annuities, Joint and Survivor annuities are intended for and opened by two individuals. In this case, both recipients can expect compensation throughout their lifetime, even if one of them dies.
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Best Variable Annuities - Retirement Investments Made Simple
By Robert C Eldridge Jr
To understand and choose the best variable annuities you should first be knowledgeable about variable annuities. A variable annuity may be defined in simple terms as a contract between the insurance company and the insurer (yourself). This contract is based on an agreement by the insurance company to make monthly payments to you; these payments can begin immediately or at a future date.
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