SPIA: Single Premium Immediate Annuities
An immediate annuity is a smart way to start receiving a regular income without delay. Whether you have retired from employment or need a practical way to invest your inheritance, AnnuityQuickQuote.com can help you invest and utilize your money in a secure and simple way that is most beneficial to you.
When you purchase an immediate annuity, you will start receiving a set amount of money on a regular basis. You can choose to receive money on a monthly, quarterly, semi-annual or annual basis. One of the most practical immediate annuity plans is the single premium immediate annuity or SPIA plan. This type of plan is purchased with a single deposit amount. SPIAs are especially beneficial for specific situations, including retirement, terminal funding, pension terminations, and retired life buyouts. In addition, individuals who have received a lump sum of money from a structured settlement for injury or divorce or an inheritance can also benefit from purchasing a SPIA.
The purpose of investing your money in an immediate annuity, rather than spending it on luxuries, is to have a steady income for the rest of your life. But in addition to this primary purpose, single premium immediate annuities offer many more benefits, one of which is safety of principal. With an SPIA, your money is backed by the insurer and is not based on the fluctuations of financial markets. You also receive a tax advantage with this type of guaranteed income. Your income payments are not taxed until they are received, and in many cases, they are partiality taxed.
If you have a large sum of money that you would like to invest in order to guarantee a regular income for the rest of your life, then immediate annuities may be your best choice. Our website offers a great way to check the possible payout from an annuity—our Immediate Annuity Calculator. You will receive an instant quote without the obligation to purchase anything. For more information, please contact us today.