There are multiple ways to transform a single premium immediate annuity (SPIA) into periodic payouts. You can consider the following options and choose the most suitable one for your financial needs and future retirement goals:
Life with period certain - It guarantees lifetime payments and provides payouts for your beneficiary if you pass away during a specific time.
Systematic withdrawals (fixed amount) - This immediate annuity payout option allows you to choose a certain amount of payouts with the specific term depending on your initial investment without guaranteeing withdrawals for life.
Lump-sum payment - You will receive a one-time lump-sum payout from the annuity provider if you choose this option.
Joint-life - Joint and survivor annuities provide payouts to your beneficiary for the rest of their life after you pass away.
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