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Single Premium Immediate Annuities

Enjoy guaranteed income for the rest of your life, starting today.

What is a single premium immediate annuity?

If you’re looking for an "immediate" ongoing source of income that you can’t outlive, a single premium immediate annuity could be right for you. A single premium immediate annuity (SPIA) allows you to use a lump sum of your assets to purchase a guaranteed1 "retirement paycheck". The SPIA provides guaranteed income (your "retirement paycheck") that will continue for the rest of your life, and—if you choose a joint life option—for the rest of your spouse’s life, no matter how long both of you live. This "retirement paycheck" is designed to help cover your essential living expenses, as defined by you, in retirement.

All guarantees are backed by the claims-paying ability and financial strength of the issuing insurance company, not Schwab.


Questions about single premium immediate annuities? Contact an annuity specialist at 877-279-4537.

Compare Schwab’s single premium immediate annuities:

Compare Schwab’s single premium immediate annuities:
  • Issuer / Financial Strength—Standard & Poor's2
  • Issue Ages
  • Minimum Purchase at Schwab
  • Maximum Purchase
  • Brighthouse Income Annuity
  • Issuer / Financial Strength—Standard & Poor's2

    Brighthouse Life Insurance Company 
    • A+
  • Issue Ages

    • Annuitant is different than the owner: 5–90 
    • Owner: 21–90 
    • Early Access Option and Increasing Income Option: 59½–90
  • Minimum Purchase at Schwab

    $100,000
  • Maximum Purchase

    $1,000,000
  • MassMutual RetireEase
  • Issuer / Financial Strength—Standard & Poor's2

    Massachusetts Mutual Life Insurance Company 
    • AA+
  • Issue Ages

    • Lifetime payment options: 18–90 
    • Period Certain–Only payment options: 18–100
  • Minimum Purchase at Schwab

    $100,000
  • Maximum Purchase

    $3,000,0003
  • Nationwide INCOME Promise Select Annuity
  • Issuer / Financial Strength—Standard & Poor's2

    Nationwide Life Insurance Company 
    • A+
  • Issue Ages

    • 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
  • Minimum Purchase at Schwab

    $100,000
  • Maximum Purchase

    $3,000,000
  • New York Life Guaranteed Lifetime Income Annuity II
  • Issuer / Financial Strength—Standard & Poor's2

    New York Life Insurance and Annuity Corporation 
    • AA+
  • Issue Ages

    • Non-qualified: 0–95
    • Qualified: 18–89 (Joint annuitants 0–89) Inherited IRA and inherited Roth IRA policies are also available.
    • Roth IRA: 59½–89 Owner/annuitant(s) with a Roth IRA in place for at least five calendar years before the year in which income payments start. Joint annuitants must be spouses. Joint annuitants must satisfy both the five-year holding period and age 59½ income start date requirements.
  • Minimum Purchase at Schwab

    $100,000
  • Maximum Purchase

    $1,000,0004
  • New York Life Guaranteed Period Income Annuity II
  • Issuer / Financial Strength—Standard & Poor's2

    New York Life Insurance and Annuity Corporation
    • AA+
  • Issue Ages

    • 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.
  • Minimum Purchase at Schwab

    $100,000
  • Maximum Purchase

    $1,000,0004
  • Pacific Life Pacific Income Provider
  • Issuer / Financial Strength—Standard & Poor's2

    Pacific Life Insurance Company and, in New York, issued by Pacific Life & Annuity Company
    • AA-
  • Issue Ages

    • 0–90
  • Minimum Purchase at Schwab

    $100,000
  • Maximum Purchase

    • $1,000,0005
  • USAA Protected Retirement Income Annuity 
  • Issuer / Financial Strength—Standard & Poor's2

    USAA Life Insurance Company and, in New York, issued by USAA Life Insurance Company of New York
    • AA+
  • Issue Ages

    • 11-95
  • Minimum Purchase at Schwab

    $100,000
  • Maximum Purchase

    $2,000,00028

See more single premium immediate annuity comparisons.

Payout options
Period certain income options
Joint income continuation options
Additional features

What other factors should I be aware of when considering a single premium immediate annuity?

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

Payments from single premium immediate annuities are subject to ordinary income tax, but for non-qualified policies that benefit from an exclusion ratio, a portion of your payments may not be subject to further taxation.

Questions? We're ready to help.