Creating Your Personal Pension-Type Check
If you do not have a pension, or if you would like an additional pension-type check, a fixed annuity with an income for life rider may be exactly what you need. To be clear, annuities are NOT pensions. They are, however, very similar in that they can provide an income for life. Some fixed annuities offer a guaranteed withdrawal benefit which can provide a guaranteed withdrawal amount for the duration of your life, your spouse, or both.
These annuities can be funded with Roth IRA, traditional IRA, or non-IRA money.* These can be funded by direct transfer, IRA rollover, or with a lump sum of money. These annuities can be used to start a lifetime in-come immediately, or they can be left in deferral for guaranteed growth for a much larger check later.
(See Guaranteed Growth and Lifetime Withdrawal Basics)
See for yourself how one of these could work for you.
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*Purchasing an annuity within a retirement plan that provides tax deferral under sections of the Internal Revenue Code results in no additional tax benefit. An annuity should be used to fund a qualified plan based upon the annuity's features other than tax deferral. All annuity features, risks, limitations and costs should be considered prior to purchasing an annuity within a tax-qualified retirement plan
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