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An Immediate Annuity is a type of pension product that provides a guaranteed income stream for a set period of time. It is typically purchased with a lump sum payment and is designed to provide a steady income for the remainder of the purchaser's life. The annuity is usually purchased from an insurance company and the income is paid out in regular installments. The amount of the income depends on the amount of the lump sum payment, the age of the purchaser, and the type of annuity chosen.
Immediate Annuities are a popular choice for retirees who want to ensure a steady income stream for the rest of their lives. They are also used to supplement other retirement income sources such as Social Security or a 401(k).
Some companies in the Immediate Annuity market include Prudential, MetLife, New York Life, and Pacific Life. Show Less Read more
