Joint and survivor annuity

A type of annuity opened by and intended for two people, that makes payments for the entire lifetime of both beneficiaries, even if one of them dies.

Joint Life Annuity

An annuity that two persons, almost always a married couple, open in order to provide for both in retirement. A joint life annuity makes payments to the designated party as long as one of the spouses remains alive. Depending on the nature of the agreement, the amount in the payments may decrease when the first spouse passes away. It is also called a joint and survivor annuity.

joint and survivor annuity

An annuity that pays a lifetime income to the annuitant and to another person, generally a spouse. The payments may be scheduled to decrease at the death of either recipient. Also called joint life annuity.

Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

References in periodicals archive

The QJSA, or qualified joint and survivor annuity, is a retirement-as opposed to a death-benefit payable in the form of an annuity for the life of the participant, and, if this person is married, a survivor annuity for the life of the spouse, payable upon the participant's death.

403(B) Questions, Answered

The charity keeps the remaining portion of the contribution--known as a residuum--when the contract ends and the donor (or their survivor in the case of a joint and survivor annuity) dies.

The benefits of reinsuring charitable gift annuities

401(a)(ll), a plan participant in a same-sex marriage cannot waive a qualified joint and survivor annuity without obtaining his or her spouse's consent.

Guidance issued on application of Windsor to retirement plans: qualified plans must recognize same-sex marriages after the Windsor decision and must be amended, if need be, to make them conform to the results of that decision

Your pension will most likely be offered as a single or a joint and survivor annuity. A single annuity provides benefits until the worker's death; a joint and survivor annuity provides reduced benefits that last until the survivor's death.

Ready for retirement? Make sure your bills and expenses are covered before you decide to leave the workforce for good

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