Annuity Options You Can Choose on your Retirement
Reader’s Question:
I’m considering buying separate annuity to give me regular income on top of my retirement pay. I’m just wondering what are the options for me to get paid?
Marsian
Bellevue, WA
Hello Marsian
It is good that you are considering annuity to supplant your retirement pay. You never know the needs that will arise in your family in Bellevue Washington WA if you stop working. Anyway to answer your question, you have several options to get paid.
First, you can choose the straight life annuity payment. This payout is favorable in a sense that you still get income even if your purchase payment has been withdrawn by you already. However, in the event that you die before your money was used up, you or your dependents will not be entitled to any more payout. In other words, your income will cease upon death. This is suitable if you don’t have dependent and if you plan to use up your income all the time.
The second option is what is called refund annuity. This provides lifetime income for you. In the event that you die before you use up all your purchase payments, it will be your dependents who will receive the amount not collected by you.
Finally, you can also choose the survivor or joint annuity. This provides lifetime income to you and your designated partner to the joint annuity. The amount paid out to you is reduced as it is divided with the amount that you assign your partner to receive. It will be your responsibility to assign the amount that your partner will receive during his or her lifetime. If you die, your designated partner in the joint annuity will get a lifetime income worth the amount that you assigned in the contract when you got the annuity.
To know the best option for you, it is best to talk to insurance agents in Bellevue Washington WA offering annuities. You can start asking quotes from this site and you will be given not just purchase price of different annuity, but you will also see the companies offering annuity. From there, you can start calling the company listed in the quote.