Annuity Payout Options: A Comprehensive Guide
When trying to choose an annuity payout method, there are a few different options that you will need to consider. Here are some of the different annuity payout options that are available.
Life
One method of payment will allow you to receive monthly payments for the rest of your life. This method will ensure that you do not live longer than your retirement dollars last.
Joint Life
Another option to consider is the joint life annuity payout. This is a type of annuity that is designed for married couples. The annuity payment is going to last until both spouses pass away. This will provide you with a smaller payment than if you chose a single life annuity payment.
Period Certain
With a period certain annuity payout, you are going to receive a monthly annuity payment for a specific period of time. For example, you might decide to choose an annuity that's going to pay you for the next 30 years. This annuity is not affected by how long you live.
Life with Guaranteed Term
This option provides you with a guaranteed source of income for life. However, if you pass away relatively quickly, your annuity will pay your beneficiaries for a set term such as 10 years.
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