Income Annuities

Annuities enable you to create a monthly income stream from your retirement savings that can last for your lifetime.

What is an Annuity?

An annuity is a long-term contract between you (or jointly with spouse/partner) and an insurance company. In exchange for a portion of your retirement savings, the insurance company will provide you with monthly payments for your lifetime or a set number of years.

All annuities through Income Solutions^® are fixed, meaning they are not tied to the market and your income will not go up or down based on market fluctuations. The monthly income payments from the annuity are guaranteed by the insurance company, and you can choose to cover your lifetime only, or the lifetime of both you and your spouse. There are also a variety of options available to provide protection for your beneficiary.

Design Your Personal Retirement Journey

If you want to achieve a certain monthly income, or have a lump sum of money you wish to convert into a steady income stream, you may want to consider an annuity as part of your retirement income plan. Annuities can play an important role in ensuring you have enough income to last throughout your retirement. Regular monthly payments for life help you effectively budget for your retirement expenses and create a baseline level of income that will not decrease.

How Do I Know Which Type of Annuity is Right for Me?

The annuity that best meets your needs will be based upon your personal financial situation and income goals.

Ask yourself the following questions to help you get started:

Do I have an immediate income need, or are you planning for income later in life?

Is it necessary that my spouse or dependents have an income after my death?

Do I want to receive payments for a set number of years or for the rest of my life?

Partial Annuitization

No single product or lifetime income option can meet all of your needs. By using only a portion of your retirement savings to purchase an annuity, your remaining funds can continue to be invested for continued growth and tax deferred status.

Diversification

While all participating issuers through the Income Solutions^® platform are highly rated, you may want to consider making multiple purchases from different insurance companies. Doing so may help to reduce your risk and may even provide you with higher returns.

Flexibility

You decide how much income you need, when you would like your income to begin, which features you want to include, as well as your preferred income provider. You even have the ability to make multiple purchases at once, or ladder your purchases over time.

Common Questions

Review the list of frequently asked questions below

For any type of annuity, the amount of each monthly income payment you receive will depend on many factors including your age, the dollar amount being invested, your gender, prevailing interest rates, and when you would like your payments to begin.

All annuities through Income Solutions^® are fixed, meaning they are not subject to market volatility, and your income amount is guaranteed. The only way your monthly income amount could fluctuate would be if you chose to add a Fixed Annual Increase of 1-5% to your annuity contract. This would result in your monthly income payment compounding annually by the percentage you have chosen.

All insurance companies on the Income Solutions^® platform are 'A' rated or above, and have gone through an objective evaluation process. To assist in your evaluation process, you can find detailed information about each insurance company by clicking on the Insurance Companies tab at the top of the screen.