There are two ways of withdrawing your deferred annuity: a one-time payment or monthly payment. Monthly payments are more common. The amount of money you will receive depends on: size of your contract; your life expectancy; if payments continue after your death; if you have chosen the minimum requirement payment options. If you opt for a fixed amount you choose that amount and you will receive it per month until there is no more money left in the annuity. Likewise, a fixed period is a choice you make – so you can choose to receive payments over a 20 year period. You can choose to have payments until you die (lifetime option). Or you can choose the life with period certain option in which you will receive payments until you die but with the addition of a time your beneficiary receiving payments. With an installment refund plan you receive money as long as you live but if you die earlier than expected the remainder of the money goes to a beneficiary. The joint and survivor option pays out monies each month during annuitants’ joint lives; the same or lesser amount paid to the one who survives.
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