In the golden era of career based retirements, everyone could count on a company paycheck for life in retirement. Unfortunately, in today’s new world economy, fewer and fewer employees are leaving jobs with defined benefits programs that take care of their income and health benefits. So what options do workers who have invested a lifetime of dollars into 401Ks and IRAs have for lifetime retirement income?
For those looking to create their own personal pension styled retirement, one of the options is an immediate annuity. The immediate annuity is often compared to a pension due to the similarity in how benefits are paid out and end; while both may have spousal provisions, it is typical for both to have benefits tied to a lifetime payout – where benefits end at death.
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