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Income Annuities

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Single Premium Immediate Annuities (SPIAs)

Guaranteed income for the rest of your life.1

If you’re looking for an ongoing source of income that you can’t outlive, an SPIA could be right for you. An SPIA allows you to purchase a guaranteed monthly paycheck that will continue for the rest of your life, and—if you’re married—for the rest of your spouse’s life, no matter how long both of you live. This paycheck is designed to help cover your essential living expenses, as defined by you, in retirement.

Request assistance from a Schwab Annuity Specialist by calling 888-311-4889.

Compare Schwab’s SPIAs:

  • Guardian Guaranteed Income Annuity II℠

  • MassMutual RetireEase℠

  • MetLife Income Annuity℠

  • Nationwide® income Promise Select® Annuity

  • New York Life Guaranteed Lifetime Income Annuity II

  • New York Life Guaranteed Period Income Annuity II

  • Pacific Life Pacific Income Provider®

Issuer
Guardian Guaranteed Income Annuity II Guardian Insurance & Annuity Company
MassMutual RetireEase Massachusetts Mutual Life Insurance Company
MetLife Income Annuity MetLife Investors USA Insurance Company and, in New York, issued by First MetLife Investors Insurance Company
Nationwide income Promise Select Annuity Nationwide Life Insurance Company
New York Life Guaranteed Lifetime Income Annuity II New York Life Insurance and Annuity Corporation
New York Life Guaranteed Period Income Annuity II New York Life Insurance and Annuity Corporation
Pacific Life Pacific Income Provider Pacific Life Insurance Company and, in New York, issued by Pacific Life & Annuity Company
Financial Strength—A.M. Best2
Guardian Insurance & Annuity Company A++
Massachusetts Mutual Life Insurance Company A++
MetLife Investors USA Insurance Company and First MetLife Investors Insurance Company A+
Nationwide Life Insurance Company A+
New York Life Insurance and Annuity Corporation A++
Pacific Life Insurance Company and Pacific Life & Annuity Company A+
Issue Ages
Guardian Guaranteed Income Annuity II
  • For Life Annuity without Guaranteed Period: 0–85
  • For all other annuity payment options: 0–90
MassMutual RetireEase
  • Lifetime payment options: 18–90
  • Period Certain–Only payment options: 18–100
MetLife Income Annuity
  • Annuitant is different than the owner: 5–90
  • Owner: 21–90
  • Early Access Option and Increasing Income Option: 59½–90
Nationwide income Promise Select Annuity
  • Annuitant/Joint annuitant: 5–95 (30–95 if Cost-of-Living-Adjustment is selected). Certain restrictions may apply to income options available.
  • Owner: No age limit
New York Life Guaranteed Lifetime Income Annuity II
  • Non-qualified: 0–95
  • Qualified Traditional: 18–89 (Joint annuitants 0–89)
  • Qualified Roth: 59½–89 (Single Life only) with a Roth IRA in place for at least five calendar years before the year in which income payments start.
New York Life Guaranteed Period Income Annuity II
  • Non-qualified: Available to policy owners and annuitants ages 0–95
  • Qualified: Available to policy owners (primary annuitants) ages 18–89
  • Roth IRA: Available to policy owners ages 59½–89 with a Roth IRA of any amount in place for at least five calendar years before the year in which income payments start. Some options may not be available at certain ages.
Pacific Life Pacific Income Provider 0–90
Minimum Purchase
Guardian Guaranteed Income Annuity II $10,000
MassMutual RetireEase $10,000
MetLife Income Annuity $5,000
Nationwide income Promise Select Annuity $10,000
New York Life Guaranteed Lifetime Income Annuity II $5,000
New York Life Guaranteed Period Income Annuity II $5,000
Pacific Life Pacific Income Provider $25,000
Maximum Purchase
Guardian Guaranteed Income Annuity II $1,000,000
MassMutual RetireEase $3,000,0003
MetLife Income Annuity $1,000,000
Nationwide income Promise Select Annuity $3,000,000
New York Life Guaranteed Lifetime Income Annuity II $1,000,0004
New York Life Guaranteed Period Income Annuity II $1,000,0004
Pacific Life Pacific Income Provider $1,000,0005
SeeHide more SPIA comparisons

Ready to get started?

Request assistance from a Schwab Annuity Specialist by calling 888-311-4889.

Get an annuity income estimate using the Fixed Income Annuity Estimator.

Single premium immediate annuities: frequently asked questions.

What are single premium immediate annuities (SPIAs)?

SPIAs can create a guaranteed1 income stream for life—or for a specific period of time that you choose—to help cover some or all of your expenses in retirement. For an additional cost, SPIAs may also offer a cost-of-living adjustment that can increase your income annually to help address inflation concerns.

Would a single premium immediate annuity be a good option for me?

An SPIA may be a good option for you if you do not have sufficient guaranteed income (for example, a pension or Social Security) to cover your essential living expenses in retirement. In addition, if you are concerned about outliving your retirement assets, an SPIA can help alleviate that concern.

What should I be aware of?

SPIAs will generally cost more if you choose the optional features or optional death benefits. Additionally, the purchase of an SPIA is irrevocable. That is, you generally cannot surrender this type of annuity in exchange for a contract value.

Payments from SPIAs are subject to ordinary income tax; however, if purchasing with non-qualified dollars, the income payments you receive may benefit from an exclusion ratio where part of each payment is characterized as tax-free return of cost basis.

A Schwab Financial Consultant can help you determine which annuity might fit your retirement strategy.

What information does the Fixed Income Annuity Estimator provide?

The Fixed Income Annuity Estimator provides an annuity income estimate in a few simple steps.

How do I use the Fixed Income Annuity Estimator?

There are three simple steps once you’re on the Fixed Income Annuity Estimator page:

  1. In the “Enter Annuity Information” section, select how long you would like your income to last (i.e., for your lifetime or a set period of time) and enter the figure (i.e., either the amount you plan to invest or the monthly income you’ll need) you would like your estimate to be based on.
  2. Enter your date of birth, gender, and state of residence.
  3. View your results.
  4. Print your results.

Be sure to contact your Schwab Financial Consultant or call 888-311-4889 to speak with a Schwab Annuity Specialist to determine if an SPIA would fit your retirement income strategy.

Brokerage and insurance products: Are not deposits • Are not FDIC-insured • Are not insured by any federal government agency • Are not guaranteed by the bank or any affiliate of the bank • May lose value