Annuity payout options
9Nine ways your Annuity may pay………Confidence comes with knowing you can access funds within your annuity. Payout options and limitations vary by product.
▲ Withdrawals of up to 10% of the contract value, or of interest credited since the last contract anniversary, are available annually beginning after the first year in most cases. ▲ Annuitization can convert a lump sum into a guaranteed income stream for your life, or for your life and some period certain. 72(t) taken for at least five years and to age 59½ can be arranged - from qualified or nonqualified annuities. ▲ Distributions upon death, via nonqualified stretch or a stretch IRA, provide payouts while extending the advantage of tax deferral over the lifetime of your beneficiary. ▲ Beneficiary Designation enables you to determine the payout to a beneficiary you choose. ▲ Combination plans pair two annuities - one generating an immediate income flow, the other pursing a single premium deferred annuity for accumulation. ▲ RMD (required minimum distribution) programs pay out the amount traditional IRA owners and qualified plan participants must begin taking annually from their retirement accounts beginning at age 70½. ▲ Payouts now from an immediate annuity offer a range of income options, for specific amounts or periods, plus increasing payout options can address inflation risk. ▲ Payouts in the future, deferred for 1 year from premium paid-up annuity, secure an income stream for life at today’s prices.