year when have no other earnings Consider your spouse or partner - you can buy a joint annuity
where they continue to receive your pension should you die.
Example 3: The Parkers, both age 65, weigh putting all of their $600,000 into a joint annuity
A joint annuity
will continue to pay some money to your partner after your death.
One of the first items to affect the index annuity (IA) market this year was the Joint Annuity
Disclosure Pilot Project of American Council of Life Insurers and the Iowa Insurance Division.
A joint annuity
is practical because it is virtually maintenance free.
Question--What is the difference between a joint annuity
and a joint and last survivor annuity?
The first describes the structure of joint annuity
products and develops expressions for actuarially fair joint-life annuity products.
Among the most popular are 1) a life annuity, where payments continue for the rest of the retiree's life, and no payments continue to survivors after the retiree's death; 2) a survivor joint annuity
, where payments continue while both annuitant and spouse are living (a reduced payment is made to the spouse for life when the annuitant dies); and 3) life and N certain: payments are guaranteed to the annuitant for life, but if death occurs before N years (usually 10), the remainder of the N years of payments are made to a named beneficiary.
If that retiree wanted a guaranteed sum, or to see their pension rise in line with inflation, or to have a joint annuity
so if they died their spouse would receive an income, then the weekly figure drops considerably.
yia tin pe yo There are lots of different types of pension annuities, such as di f f pensio a joint annuity
, which would mean a percentage of your pension will continue to be paid to your surviving spouse or civil partner after you die.
So when the time comes to buy an annuity, it is important that the partner with the big pension pot takes out a joint annuity