Answer 1/1 - Submitted 8/30/2011
Retirement annuities can refer to annuities that are used within a retirement plan or they can refer to Single Premium Immediate Annuities, where guaranteed lifetime income is purchased in exchange for a lumpsum contribution.
Even when an annuity is deferred (has a contribution phase), an accumulated fund would be used to purchase a Single Premium Immediate Annuity - which is the "retirement annuity" - when the deferred annuity reaches maturity. The retirement annuity would then provide the annuitant with a fixed, variable or equity-indexed payment for the remainder of the annuitant's life.
The retirement annuity also has various settlement options that determine what happens to payments if the annuitant passes away. The straight life option has no benefits for beneficiaries. Other settlement options, like straight life with period certain and straight life with refund of contributions offer something to beneficiaries.
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
Will there be tax assessed if i should sell 10 years of an annuity from a civil settlement to a company that specializes in such deals?
My mother passed away recently and i have received a death benefit package from hartford annuity where she had her contract. i am going to receive a lump sum payment.should i have let hartford take out the 25% to cover my tax liability or should i just have tehm send me the intire amount and report...
I have alimony and annuity income in 2007. can i still use the 1040 form to report this?
|
Will there be tax assessed if i should sell 10 years of an annuity from a civil settlement... |
|
Annuity distribution from a deat benefit My mother passed away recently and i have received a death benefit package from hartford annuity... |
|
I have alimony and annuity income in 2007. can i still use the 1040 form to report this? |
|
I sit on a pension board for the local, police dept, we would like to buy an annuity for... |
|
My dad passed away and my mom received $34,000 from an annuity in his name. must she pay... |
|
Taxable portion of survivor's annuity I am receiving $13,884 annually as a survivor annuity, due to the death of my husband (former... |
Ask A Question
Ask a new question about
Annuity: