Understanding your options is the first step to securing guaranteed lifetime income. Explore the four main annuity types and discover which one fits your financial needs.
Take the Free Retirement Income SurveyEach annuity type serves a unique purpose in retirement planning. Click on any type below to learn more.
A SPIA converts a lump sum of money into a guaranteed income stream, typically starting immediately or within one year. It is ideal for retirees who want predictable monthly income for life, helping cover essential expenses like housing or healthcare.
Retirees who need immediate income to cover living expenses and want the peace of mind of guaranteed lifetime payments.
An FIA grows your investment based on the performance of a market index (like the S&P 500) while protecting your principal from market losses. It is suitable for individuals seeking growth potential with safety and tax-deferred compounding.
Pre-retirees and retirees who want growth potential without market risk, and value the balance of safety and upside opportunity.
An income annuity provides guaranteed lifetime income in exchange for an upfront premium. It ensures you cannot outlive your retirement savings and can be customized with features such as joint-life payouts or cost-of-living adjustments.
Retirees who prioritize guaranteed income and want assurance they will never outlive their money, regardless of how long they live.
Never worry about outliving your savings
For life, guaranteed*
*Rates vary by age, gender, and carrier. This is an illustrative example only.
Build wealth before you need income
Years 1-5
Accumulation phase
Years 5-10
Compound growth phase
Retirement
Convert to income annuity
A growth annuity focuses on accumulating wealth before retirement, offering tax-deferred growth with optional guarantees. It is a good choice for pre-retirees who want to maximize savings potential while protecting principal before converting to income later.
Pre-retirees (ages 50-65) who want to maximize retirement savings with tax advantages while maintaining flexibility for future income needs.
Compare all four annuity types at a glance to see which aligns with your retirement goals.
| Feature | SPIA | FIA | Income | Growth |
|---|---|---|---|---|
| Immediate Income | ||||
| Growth Potential | Fixed | High | None | High |
| Principal Protection | ||||
| Tax-Deferred | ||||
| Best Timing | At Retirement | Before/During | At Retirement | Pre-Retirement |
| Risk Level | Very Low | Low | Very Low | Low |
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