SPIAs (Single Premium Immediate Annuities) are currently used by thousands of financial advisors across the country for their clients’ immediate income needs. Unlike other annuities, these products skip the accumulation phase and begin paying out income immediately. They are often used by individuals approaching retirement age because large contributions can be made without the limitations of 401(k) plans & IRAs.
Funding Sources for Non-Qualified SPIA:
- Money Market accounts
- Mutual Fund proceeds
- Inheritance
- Life Insurance settlement
- CD
- After-tax savings
- Deferred compensation
Funding Sources for Qualified SPIA:
- IRAs
- 401(k) plans
- Corporate-sponsored defined contribution plans
- SEP plans
- Portion 1035 annuity exchanges
- 403(b) tax-sheltered annuities
To see how a SPIA can supplement your client’s Social Security income and/or pension plans, give us a call today! 973-435-3784
OR, email your client’s details to sdunn@madisonbrokerage.com:
- Name:
- DOB:
- State:
- Premium:
- Monthly Income Needs:
