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A life annuity (provided there is at least $3,500 available in the account to purchase the annuity), based on one of several different features depending on what is chosen (single life or joint, survivor benefit, cash refund or "10-year certain").
After leaving service, participants may leave their money in the TSP. If they choose to withdraw their money, their options are installment payments (monthly, quarterly, or annually), a partial distribution of a specified amount, an annuity purchase, or a total withdrawal. The distribution can combine options.
A viable alternative to the life-with-period-certain annuity is to purchase a single-premium life policy that would cover the lost premium in the annuity. Impaired-life annuities for smokers or those with a particular illness are also available from some insurance companies. Since the life expectancy is reduced, the annual payment to the ...
The income stream is lower than a single life annuity because of the longer expected payout period (the insurer generally expects both spouses to live a long life). Some joint life annuities offer ...
A straight life annuity is a form of annuity that makes payments for a single person's life. It does not pay a death benefit, nor does it pay spousal benefits. The annuity payments end when the ...
Using today's rates, a $10,000 immediate annuity for a 65-year-old might pay around $75 to $80 monthly for life. Delaying payments or investing more money would increase this amount.
Life annuities may be sold in exchange for the immediate payment of a lump sum (single-payment annuity) or a series of regular payments (flexible payment annuity), prior to the onset of the annuity. The payment stream from the issuer to the annuitant has an unknown duration based principally upon the date of death of the annuitant.
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