A single premium immediate annuity is a contract with an insurance company whereby you pay them a sum of money up front and they pay you a certain amount of money periodically for the rest of your life.
At retirement, a single premium is paid from the accumulated retirement savings to guarantee a lifetime stream of payments. Our single premium immediate annuity can be a fixed annuity or a variable annuity. In a fixed annuity, the payout is a fixed amount each period while with a variable annuity, the payout is linked to the performance of a mutual fund.
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