Tag: Single Premium Immediate Annuities

As couples struggle with the complex challenges of retirement income planning, more are turning to Single Premium Immediate Annuities, or SPIAs for help in managing the risk of outliving their retirement assets. In short, an immediate annuity allows a person to convert a sum of money into a guaranteed series of payments for a period equal to the greater of the person's life or a certain number of years.

SPIA sales have been relatively flat for years, however sales have recently been growing at a 25 to 30 percent annual rate, reaching $2.4 billion in 2008.