Immediate Annuities: Turn Your Savings Into Retirement Income
If you’re already retired or preparing to retire, an immediate annuity can convert a lump sum into guaranteed monthly income.
Payments generally begin within 30 days to one year after purchase.
Benefits of an Immediate Annuity
- Guaranteed income
- Predictable monthly payments
- Lifetime income options
- Reduced longevity risk
- Simple retirement budgeting
Who Is It Best For?
Immediate annuities are commonly used by retirees who want:
Reliable income
Pension-like payments
Protection against outliving savings
Frequently Asked Questions About Immediate Annuities
How soon do payments begin?
Most begin within one year after purchasing the annuity.
Can payments last for life?
Yes. Many contracts offer lifetime income options. (Actuary.org)