are available, so a married couple might get this payout as long as either spouse is alive.
Chapters coauthored with Jeffrey Brown and with Tomeka Hill present a broad introduction to annuities and summarize the potential uses of variable annuities, inflation-indexed annuities, and joint annuities
to mitigate inflation, market timing, and survivor risk.
"Yet the difference between single and joint annuities
can be just a few hundred pounds a year."
There are several types of annuity available, including those that pay out a fixed rate for life, those that are linked to the rate of inflation, those that start lower but increase over time, joint annuities
that provide for your spouse/partner on your death and, of course, the enhanced annuities mentioned above.
have lower payouts than single life annuities.)
Joint annuities accounted for 11 percent of SPIA premium payments, with 7 percent of such payments for joint life annuities with a "period certain" payout, while roughly one-third of SPIA premiums were devoted to single life annuities.
Because the authors do not have a solid basis for specifying such consumption needs, most of their analysis focuses on last survivor joint annuities.
Although joint annuities represent a small fraction of the single premium individual annuity market, they represent a substantial fraction of the annuities written in conjunction with the group annuity policies that are associated with private defined benefit pension plans.