Retirement Annuity Options
When you get your retirement estimate youll see that there are many options for receiving your retirement benefit.
Retirement annuity options. A lifetime annuity provides you with a regular retirement income for life with the guarantee that the money wont run out before you die. A retirement annuity gives you tax savings and a measure of protection but comes with some restrictions. For example lets say you purchase a life annuity with a.
You can choose to receive the payment for your life or extend it beyond your life to your loved ones. It guarantees payments for life while also ensuring that your beneficiary receives the rest of your annuity payments if you pass away during a certain time. Your income will increase every year with annually declared bonuses a benefit that cannot be reversed and that will continue to increase your income over time.
In-Fund Pension Option - this is the default option of the CRF. 2 During the accumulation phase you can add funds to your annuity contract by. Polaris Variable Annuities Two options for Polaris Variable Annuities offer growth potential family protection features and a variety of optional retirement income protection features.
You can invest directly into unit trusts or you can invest in unit trusts via our retirement annuity. In general annuities are preferable for pensioners who believe that they and their spouse will exceed the average life expectancy. However it may be possible to roll over annuity money into an IRA or another tax-deferred retirement account without triggering tax liability.
Regarding the different options available at retirement. A brief summary of the different options follows below. Basic lifetime annuities - these offer a range of income options to suit different personal circumstances and attitudes to risk.
You are guaranteed a specific payment amount for a set period of time say five years or 30 years. This annuity pays a guaranteed income for the rest of your life. Income for guaranteed period also called period certain annuity.