Variable Annuity Payout Options: Securing Retirement Income

Variable annuities can provide you with a regular income source during your retirement years. There are several different payout options that you could choose from with a variable annuity. Here are a few payout options for you to consider.

Life Payment

With a variable annuity, you are going to be able to select a life payment. This means that it is going to pay you a certain amount of money every month for the rest of your life. You can also choose a joint life payment if you are married. This is going to provide a payment as long as either spouse is still alive.

Period Certain

Another option that you have is referred to as period certain. This means that you are going to agree to receiving a monthly payment for a specific amount of time. For example, you can decide to get a monthly payment for 20 years if you want. This payment option is going to provide you with more of a monthly payment than if you choose a life payment option.

Life with Guarantee

You can also choose a life payment with a guaranteed term. For example, you will receive payments for as long as you are alive. However, if you die, your beneficiary could still receive payments for a specific amount of time.