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Single-Life Annuities Versus Joint-and-Survivor Annuities

Upon retirement, you are given the option of receiving a monthly annuity for the life of one individual (yourself) or payments that cover your own life and the life of a spouse. The payout may be higher and shorter or lower and longer, depending on your choice. Although the option may be pretty straightforward for a single individual, deciding as a couple is more complicated. Ultimately, once you have made your choice of a retirement payment plan, there is no backtracking. As a brief overview, a single-life annuity is more of a solo coverage option, whereas joint-and-survivor annuities cover a couple. Benefits of Single-Life Annuities Single-life annuities shouldn’t be confused with single-life payments from lifetime income riders. Beneficiaries do not receive a death benefit from a single-life annuity. The single-life annuity policyholder receives higher payments during their retirement years, and it ends upon death without a benefit paid out to anyone. Benefits of Joint-and-Survivor Annuities Joint-and-survivor annuities serve as more of an immediate annuity and provide guaranteed payments throughout the lives of the policyholder and their spouse. Compared to a single-life annuity, joint-and-survivor annuities provide payments for a more extended period at a lower rate. A beneficiary will receive a lump sum at a lower percentage upon the policyholder’s death. Additionally, the estate tax required is reduced after an annuitant die.
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After spending many years studying information technology, specializing in web development, digital marketing, and search engine optimization (SEO), I enjoy applying my skills and experience in helping others achieve their goals online. As a marketing specialist at Credkeeper, I help people get the most out of their online reputation. Your prospects perform Internet searches for your name before they buy from you. What they see on the first page of Google outweighs almost all other marketing! What do people currently see when they search your name on the Internet? If you would like to know more about Credkeeper and what we can do for you, feel free to reach out to me!

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