Immediate annuity (SPIA)
Income from next month, for the rest of your life
Place a lump sum once, and a set payment can arrive every month, starting as soon as next month. The market doesn’t change the amount, and it continues for as long as you live.
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For anyone who needsa retirement paycheck now
Retiring very soon
Payments can start next month and arrive like a paycheck.
Worried about the market
It isn’t an investment. The agreed amount is what arrives.
Want income for life
Payments continue for as long as you live.
A possible tax advantage
Bought with non-IRA money, the part of each payment that returns your principal isn’t taxed as income.
How it works
- 01
Annuitize only part
Turn just what you need for living costs into income, and keep the rest separate.
- 02
Choose how it pays
For life, period certain or joint. I compare them across carriers.
- 03
Paid from next month
After a single premium, payments can begin as soon as the following month.
You choose how it pays
The choice is hard to change later, so we make it together around your life and family.
- LIFE
Life only
Paid every month for as long as you live. Without added options, nothing passes to heirs.
- PERIOD CERTAIN
Life + period certain
Paid for life, and if you die within the set period, your beneficiary receives the remaining payments.
- JOINT
Joint life
If one of you dies first, payments continue to the survivor. The amount is somewhat lower.
Payments depend on age, payout option and carrier. All guarantees are backed by the issuing insurer’s claims-paying ability.
This one is hard to undo
Once an immediate annuity starts, you generally can’t draw on the lump sum freely. So we look at annuitizing only what covers your living costs and keeping the rest available for whenever you need it.
Questions people ask
When can payments start?
As soon as the month after you buy, and usually within a year. You choose the start date when you sign.
If I die early, what happens to the rest?
With life only, nothing is left over. Add a period-certain or refund option and the remainder goes to your beneficiary, though the monthly amount is a little lower.
What if I need a lump sum later?
Once payments start, the principal is generally not available to draw on freely. That’s why we set aside emergency and spending money from the start.
If the market falls, does my payment drop?
No. An immediate annuity is an insurance contract, not an investment. The amount agreed at signing is paid regardless of the market, backed by the issuing insurer’s claims-paying ability.
Can I buy one with IRA money?
Yes, though it’s taxed differently from one bought with non-IRA money. Please check the specifics with your tax professional.
Related services
Fixed-rate MYGA
A guaranteed rate that can beat a CD, with tax deferred until you withdraw.
Index annuity
Interest linked to an index in up years, and 0% instead of a loss in down years.
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Lifetime income
Fill the gap Social Security leaves, every month, for as long as you live.
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Types of annuities
Sorted by when it pays, what it’s for and how interest is credited.
Annuity buying guide
Goal, comparison, conditions, decision: four steps, in order.
신현인 Sam Shin
Retirement planning specialist · I call you back myself
Book a free call
Leave your name and number and I will get back to you personally.
A call back within one business day
In English or Korean, at a time that suits you.
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Carriers compared side by side
The terms on one page, sent to you by email.
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Free, with no obligation
Tell me you are not interested and I will stop.
Looked after long after you sign
I reach out before maturities and renewals.
Prefer to talk now? (213) 507-2224