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Immediate Annuities

An Immediate Annuity, otherwise known as a Single Premium Income Annuity (SPIA), provides a way to create your own pension using the money you’ve saved for retirement. Once funded, the SPIA provides a guaranteed source of income. This could be in the form of lifetime income or for a specified term, i.e. 5 years, 10 years, etc. If you are concerned about outliving your income, a SPIA is a perfect choice to consider. Outside of a pension, a SPIA is the only product that can guarantee income for the rest of your life.

An immediate annuity cannot be cashed in. It is an irrevocable, one-time purchase. Generally, if you die before the term expires, your beneficiary will receive the same guaranteed source of income for the duration of the contract.

SPIAs are usually used as part of a comprehensive retirement strategy and not used as a sole source of retirement planning. For more information on SPIAs and how they can benefit your integrated retirement plan, contact a Promark retirement specialist today.

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