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April 30, 2024 at 12:34 PM. An immediate annuity is a financial product sold by insurance companies that allows you to convert a lump sum of money into a stream of guaranteed income payments. Most ...
The payouts for immediate annuities depend on whether you choose a life annuity or a term-certain annuity. It also depends on the age and gender of the annuitant, or the person who receives the ...
Single-premium immediate annuities. With a single-premium immediate annuity (SPIA), you make a one-time payment to an insurance company, and in return, the insurer provides you with a guaranteed ...
A common use for an immediate annuity might be to provide a pension income. In the U.S., the tax treatment of a non-qualified immediate annuity is that every payment is a combination of a return of principal (which part is not taxed) and income (which is taxed at ordinary income rates, not capital gain rates). Immediate annuities funded as an ...
Immediate annuity An immediate annuity provides income payments within 12 months or less after the purchase. Immediate annuities require a large, up-front lump sum to fund the annuity contract.
The annuities mentioned above can also be classified as immediate or deferred. Immediate annuities provide a guaranteed stream of income directly following a lump sum payment to the insurance company.
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