What is a Lifetime Annuity?

With a new year coming up, it is always a good time to reflect on ongoing and new projects and goals. On this post, we will go over the financial topic of planning. Let’s talk about lifetime annuity, what is it and how can it help you?
A lifetime annuity is an insurance product that features a predetermined periodic payout amount until the death of the annuitant. It can serve as a retirement income supplement to Social Security checks, 401(k) retirement plans, company pension funds and more. They can be useful for those who want the certainty and security of establishing a regular and guaranteed income stream. If, however, you die before all the funds in your account have been used up, the payment option to your beneficiaries will be determined by the choice you made when you purchased the annuity. In some cases, no payouts will be made to your dependents or other beneficiaries. Instead, you will be getting an income that you can’t outlive.
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