Retirement Annuity


Also found in: Dictionary, Thesaurus, Medical.

Retirement Annuity

An annuity one purchases to provide for oneself in retirement. In general, one purchases a retirement annuity well before retirement and makes contributions to it throughout one's working life. The contributions are invested on behalf of the annuitant, who begins to receive payments from the annuity after retirement. Many retirement annuities (especially those sponsored by an employer) are tax-deferred, meaning that the annuitant does not pay taxes on the funds in the pension until he/she begins making withdrawals. Annuities may have defined contributions, defined benefits, or both. See also: 401(k), IRA.
References in periodicals archive ?
1, 1982 are not required to make this deposit; however, their military service will count toward their civil service retirement annuity only until they become eligible for Social Security.
It does not include an annuity for a separated employee who is entitled to a deferred retirement annuity at a future date.
Once all of the variables are known, the planner can calculate the amount required to fully fund the retirement annuity as of the retirement date.
408(b) individual retirement annuity or with respect to the exemption from tax of an organization forming part of such a plan or account, and any document issued by the IRS dealing with such qualification or exemption, must be open to public inspection and copying, on written request.
"We intend to update his will, put a life insurance trust, in place to protect him from estate taxes down the road, minimize his holdings in some of his properties, then put the excess money into a 529 College Plan for his children and a retirement annuity," she says.
I have been paying into a retirement annuity contract for a number of years and have also started a personal pension.
Assuming an annual inflation rate of 3.1 percent, this retirement annuity income would have real purchasing power of $62,521.41.
After this date, only people holding retirement annuity contracts may be able to use this facility.
Zurich Kemper Life will plant Global ReLeaf trees for the Kemper Advantage retirement annuity clients who sign up for a new, alternative electronic version of their annual prospectus, annual reports, and other financial statements.
IT PAYS to shop around if you have a pension or retirement annuity fund.
With part of her retirement annuity and contributions she solicited, she set up a scholarship fund to take 116 boys and girls through six years of public school life into college, their college tuition paid.