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joint and survivor annuity |
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Joint and Survivor Annuity A type of annuity that makes payments for the lifetime of two or more beneficiaries. Notes: Also referred to as a joint life annuity, these are often purchased by a husband and wife. 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.
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Typically, a spouse is the beneficiary; in such case, a joint and survivor annuity provides fixed payments as long as either spouse is alive. To ensure that Kathryn would be covered no matter what, the Cheathams, of Windsor Hills, set up a joint and survivor annuity for withdrawal on his 401(k). Permanent income includes covered earnings, Social Security retirement benefits, income from defined benefit pension plans after age 62, and the annual payments from an actuarially fair joint and survivor annuity from wealth (excluding defined benefit pension and Social Security wealth) at age 62. |
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joint and survivor annuity