How to find the best Single Premium Immediate Annuity (SPIA) payouts
The Annuity Man
Single Premium Immediate Annuities (SPIAs) can be traced to the Roman times when the empire decided to pay their dutiful Roman soldiers and their families a lifetime income stream. The Latin word "annua" means payment, and is the origin of the word annuity. That initial SPIA design is pretty much the same design you will find with today's SPIA structure.
SPIAs, and all annuity types that provide lifetime income, are the only strategies that guarantee payments regardless of how long you live. No other financial product does that. Annuities are the only strategy that owns that unique monopoly.
Single Premium Immediate Annuity (SPIA) payments are primarily based on your life expectancy at the time you start the payments. Interest rates play a secondary role in the pricing. SPIA income is a combination of return of principal plus interest. The older you are the higher the payments. It's really that simple.
SPIAs are commodity products and should be quoted with all carriers to make sure you find the highest contractual guarantee for your specific situation. SPIA quotes expire every 7 to 10 days, just like a gallon of milk. You can lock in the quote by moving forward with the application process, otherwise you will need to keep requoting the numbers.
Contact The Annuity Man if you would like to see a Single Premium Immediate Annuity (SPIA) quote on your specific situation, or if you want to other annuity type quotes or view a live MYGA feed of the best fixed rates.