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.
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.
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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.
Description of visual information: [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. All insurance products are subject to state availability, issue limitations and contractual terms and conditions. Each company has sole financial responsibility for its own products.] End of description.
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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.
Why choose USAA Life Insurance Company for an annuity?
We've been providing insurance products and services for more than sixty years. And we're built around the core values of service, loyalty, honesty and integrity. Here's more of what you can expect from us.
Our Retirement Income Specialists
We're here to help you find the annuity that best fits your retirement plan.
Our Retirement Income Specialists have the knowledge and insights to help you enjoy your retirement. They don’t work on commissions, and they can offer a complimentary review of your retirement outlook.
They’ll help educate you about:
- Retirement goals.
- Income sources.
- Expenses and debt.
- 401(k)s, IRAs and other assets.
- Insurance and coverage limits.
You can get ready for your conversation using our retirement planning worksheet (PDF)Opens in a New Window.
Financial strength
The USAA Life Insurance Company maintains top-tier grades from all three key rating agencies. That includes the highest possible from A.M. Best and the second-highest possible from both Moody's Investor Service and S&P Global. See note 3
Commitment to the military
USAA ranks #1 on the Military Friendly® Company 2024 list.
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 one year, you can use it to generate income.
Persons 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.
Get help settling an annuity.
Surviving the loss of a loved one involves many challenges and decisions. Our Survivor Relations team can be there for you during this difficult time.
We can help beneficiaries file an annuity claim and provide guidance on how to handle an estate.
