When choosing an annuity, you’ll need to take your spouse into consideration as well. The payout of your annuity will depend on your life expectancy as well as how much you have saved; if you choose a single-life annuity, the payments will stop after you die. However, if you want your spouse to have a guaranteed income after your death, you’ll want to choose a joint-life annuity. This plan takes into account the life expectancy of your spouse, as well, and adjusts your annuity accordingly. It’s important to keep in mind, however, that this could significantly lower your annual payout.
You can get reports showing you both single-life and joint-life annuities so you can see the difference between the two plans. If you don’t have much retirement savings outside of your annuity, it might make sense to do a joint life annuity as it will give your spouse a guaranteed income for life. Making these decisions isn’t easy, and no one wants to imagine their spouse dying, but making a good plan and planning for the worst is one of the best gifts you can give your spouse.
Income For Life can help. We’re an experienced financial consulting firm who can help you make smart plans for your retirement. Get in touch with our team today to learn more about our services and to get quotes on annuities that might be right for you and your spouse. Give us a call at 888-228-8814 or contact us through our website for an appointment to start planning for your future.