What's an immediate annuity?
An immediate annuity is a type of insurance contract that can provide income during retirement years. It's also known as an income annuity. It's income for a period of time you choose or the rest of your life. See note 2
Our immediate annuity is a single premium immediate annuity, or SPIA. With a SPIA, you'll have income backed by the financial strength of USAA Life Insurance Company.
Start enjoying retirement with a SPIA.
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Saving for retirement: Elapsed time 0 seconds [00:00]
You did the smart thing by putting away money all your life. But, now that you're nearing retirement, you may be wondering how to make the best use of your hard-earned cash.
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Whether you're getting ready to retire or already enjoying retirement, a USAA Single Premium Immediate Annuity – or SPIA – may be the right choice for you.
A USAA SPIA works like a paycheck. You pay in a lump sum, and in return, you get a series of guaranteed payments for life, for a set period or both.
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No matter how long you live, you can receive income to support you and your loved ones. After you're gone, remaining payments, if any, will pass down to your beneficiaries.
A USAA SPIA can add to other retirement income such as Social Security or pensions. You can spend on what you want when you want. It can be an efficient way to generate income, and, with USAA's competitive rates, you can make the most of your hard-earned retirement savings.
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Since a USAA SPIA is an insurance product and not an investment, you don't have to worry about losing your money or taking portfolio withdrawals during market downturns.
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Start living your best retirement with a USAA SPIA. To get advice you can count on, speak to a USAA Retirement Income Specialist today.
Guarantees apply to certain insurance and annuity products and are subject to product terms, exclusions and limitations and the insurer's claims-paying ability and financial strength.
Money not previously taxed is taxed as income when paid. Withdrawals before age 59½ may be subject to a 10% federal tax penalty.
An annuity is a long-term insurance contract issued by an insurance company designed to provide a retirement income stream for life. Once the contract principal is converted into an income stream, you will no longer have access to your principal as a lump sum. Terms, conditions, limitations and surrender charges may apply.
Guaranteed Retirement Income Plan (GRIP): Forms ASI94832ST 10-11, ASI97207AK 10-11, ASI94878AR 10-11, ASI97208AZ 10-11, ASI94875CA 10-11, ASI97165CT 10-11, ASI97123IA 10-11, ASI97032ID 10-11, ASI94876IL 10-11, ASI97195KS 10-11, ASI97170MA 10-11, ASI94940MD 10-11, ASI94879MN 10-11, ASI94921MT 10-11, ASI94920NJ 10-11, ASI97268OH 10-11, ASI94877OK 10-11, ASI94941OR 10-11, ASI94922PA 10-11, ASI94833TX 10-11, ASI97124VA 10-11, ASI94874OS 10-11, NSI94897NY 10-11, NSI97130NY 10-11
Life insurance and annuities provided by USAA Life Insurance Company, San Antonio, TX, and in New York by USAA Life Insurance Company of New York, Highland Falls, NY. Each company has sole financial responsibility for its own products.
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Our SPIA has 3 payment options.
One pays for life, one pays for a set number of years and one does a combination of both. You can also have a joint account with a spouse or partner, so the money lasts for both of your lifetimes.
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Lifetime with guaranteed period
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Lifetime only
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Guaranteed period
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Payment duration Your lifetime or the guaranteed period, whichever is longer |
Payment duration Your lifetime only |
Payment duration Ends after the guaranteed period, typically 10 or 20 years, even if you’re still living |
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Funding IRA or non-IRA funds |
Funding IRA or non-IRA funds |
Funding IRA or non-IRA funds |
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Death benefit Remaining guaranteed payments go to your beneficiary |
Death benefit Your lifetime only |
Death benefit Remaining guaranteed payments go to your beneficiary |
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Hardship access to principal Yes See note 4 |
Hardship access to principal Yes See note 4 |
Hardship access to principal Yes See note 4 |
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Monthly income stream Lowest, compared to some other options |
Monthly income stream Highest, compared to other options |
Monthly income stream Moderate, compared to other options, but depends on chosen term |
How much income can you get with an immediate annuity?
Our annuity calculator can help you estimate your income. Just enter a starting amount or how much income you need, as well as the number of years you want your money to last.
Annuities FAQ
An immediate, or income, annuity pays out between 30 days and 12 months of opening it.
Yes. After owning your deferred annuity for 1 year, you can use it to generate income.
People living in retirement often use a SPIA to generate guaranteed income to cover their essential monthly expenses. This fixed monthly payment can help you meet your monthly bills and avoid the risk of running out of money during your retirement.
If you choose a guaranteed period option and pass before the period ends, payments will continue to your beneficiary.
Let’s start planning for your retirement.
Our Retirement Income Specialists are here to provide a complimentary retirement review to help you plan your financial future.
Schedule a call with a retirement income specialist
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Call 800-833-9847
For TTY devices, dial 711
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Note: Days and times may vary.