How do you get lifetime income?
The Lifetime Income Benefit Rider (LIBR) allows you to take a lifetime income from your annuity without losing control of your retirement assets. This is possible because the lifetime income is in the form of regular withdrawals from your contract rather than annuitized payments.
What is a lifetime income benefit?
What Is Single-Life Payout? An annuity or pension that pays out to only one person is known as a single-life payout. Single-life payout is one of two payout options an employer uses to distribute retirement benefits. At retirement, a retiree has the choice of either a single-life payout or a joint-life payout.
What is single lifetime income?
A pooled lifetime income stream is an investment that pays a series of regular income payments for your life. They may be purchased with superannuation funds or non-superannuation money. This income stream can be purchased with a single lump of money or purchased over time with a series of payments.