Joint Life Annuity An annuity that two persons, almost always a married couple, open in order to provide for both in retirement. An annuity with a high premium is a drawback all its own. All annuities will help supplement your, and your beneficiary's, retirement income. Use joint life annuity in a sentence “ My wife and … also called joint and survivor annuity. A joint and survivor annuity pays monthly benefits for as long as either the annuity … While they have many features and benefits, they aren't always for everyone. It can be purchased as single or joint life Besides that, there are the general cons that can apply to any type of annuity. They have access to multiple insurance companies, ultimately finding you the best coverage, accessibility, and competitive pricing while working entirely for you. 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If your annuity has an installment or a cash refund provision, the company must pay out an amount equal to the original value of the annuity. Purchasing an annuity means that you pay now to receive monthly payments that last for the rest of your life or, if you purchase a joint annuity, your joint annuitant’s life. In order to protect the survivors of the retired person, a joint life annuity , which is a life annuity payable to the last survivor of two or more people, can be selected. A QJSA is when retirement benefits are paid as a life annuity (a series of payments, usually monthly, for life) to the participant and a survivor annuity over the life of the participant’s … They're really just a simple insurance product like car insurance, that with the right bit of background info, can really help protect you in your retirement years. If you want a pension to go to your spouse/partner when you die, you can provide for them through a joint life annuity. With non-qualified annuities, which are funded with after-tax dollars, only the earnings are taxable. Please note that adding guarantees and other features typically reduces your annual payments. You may also pay surrender charges if you decide to sell some of your annuity for cash. You’ll get back a little bit less than what you actually paid up front because of the miscellaneous charges. That means he/she can maintain their current lifestyle. You can incorporate either type of annuity alongside traditional 401(k) and IRA plans, a Roth 401(k) or Roth IRA, and/or taxable investment accounts to manage your tax liability in retirement. It just doesn't get any easier than that. Independent insurance agents are experts at helping make sense of the ins and outs of all types of annuities and other financial tools. 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