Annuities
SPIAs and DIAs that turn a lump sum into a paycheck — starting now, or starting later — for a period of years or for life.
An income annuity is how you convert savings into a stream of checks. A SPIA starts almost immediately. A DIA (deferred income annuity) starts on a future date you choose, often as longevity insurance.
A single-premium immediate annuity (SPIA) is funded with a lump sum and begins payments within a year, often within a month. You choose life-only, life with cash refund, joint life, or a period certain. A deferred income annuity (DIA) is purchased now so payments start at a later age — a way to cover the risk of living past 85 without managing a drawdown yourself. Once you annuitize, you generally cannot get the lump sum back. That is the point and the trade. These contracts are for people who value a check they cannot outlive more than they value remaining control of the principal. We quote the payout, the payment option, and what happens if you die early. We will not put money you may need for a house or a health shock into a SPIA.
Who this is for
What it typically covers
A simple example
A 70-year-old uses part of a rollover to buy a SPIA that covers housing and groceries for life. The remaining portfolio stays invested. A DIA purchased at 60 to start at 80 is a different job: insurance against living a very long time.
Good to know
Annuities are insurance contracts, not bank deposits and not FDIC insured. Guarantees depend on the issuing insurer. Surrender charges, limited liquidity, and tax on gains can apply. This is not investment, tax, or legal advice.
Guides
Guide
MYGAs, fixed indexed annuities, SPIAs, and DIAs. What each contract actually does, and what it is not.
Read guide