Income Annuities are usually designed to start paying income as soon as one month or in one year. The income payments are guaranteed.
An income annuity is typically purchased with a lump sum payment, often by people who are at or near retirement.
This is best understood as “Pension payout plan”
We have found that our clients receive a higher income and retain control of assets. By using our designed plan, that combines a growth annuity with and income annuity.