SINGLE PREMIUM INDEXED ANNUITY (SPIA)
Single-Premium Indexed Annuities provide income to the owner almost immediately after placement. Payments can begin as soon as the next month, and buyers can select monthly quarterly or annual income disbursements. Both Fixed and Fixed Indexed SPIAs are available on the market. Payouts are usually level for the term of the contract, but benefits may increase if a rider is activated, perhaps to meet Long Term Care needs.
SPIA funds are available so quickly because they are typically purchased by making a lump-sum payment to the insurance carrier. A portion of the SPIA payments are considered by the IRS as a return of your principal, and thus are tax-free. People often buy immediate payment annuities to supplement their other retirement income, such as Social Security, for the rest of their lives. It is also possible to buy an immediate payment annuity that will provide income for a limited period of time, such as five or 10 years. These products can be jointly owned, providing payments to a beneficiary if the owner dies before the initial deposit is exhausted. It is also possible to refund the owner’s remaining deposit balance should death occur before initial deposit exhaustion.
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