Start by paying a lump sum. This single payment fully funds your annuity.
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Call 800-833-9847
For TTY devices, dial 711
Hours of operation for our Retirement Income Specialists
Note: Days and times may vary.
What's a single premium immediate annuity (SPIA)?
A SPIA is a kind of insurance that gives you income when you retire. It’s also called a guaranteed income annuity. You can choose to get income for a set time or for the rest of your life.
With a SPIA, you make a lump sum payment. In as little as 30 days, you’ll have a recurring retirement paycheck.
Start enjoying retirement with a SPIA.
Video Duration: 1 minute 25 seconds
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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.
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 payout 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 |
Hardship access to principal Yes |
Hardship access to principal Yes |
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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 retirement 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.
Schedule a complimentary retirement review in minutes.
Our Retirement Income Specialists will talk with you about your goals and how an annuity could work for you.
They can help with strategies for claiming Social Security, account reviews and more in a complimentary retirement review.
Start a conversation With a retirement income specialist
Hours of operation for our Retirement Income Specialists
Note: Days and times may vary.
How do immediate annuities work?
Steps to complete How do immediate annuities work?
Annuities FAQ
It depends on the payout option you choose when you buy the annuity.
Lifetime only: Payouts stop when you die.
Guaranteed period: You get paid for a set amount of time, which is usually 10 to 20 years. If you die before the period ends, your chosen beneficiaries get the rest of the payouts.
Lifetime with guaranteed period: You get paid for a set amount of time, just like the guaranteed period option. The difference is that if you outlive the period, you keep getting payouts until you die.
Immediate annuity payouts are usually taxed as regular income. Here's how your taxes work based on how you funded your account.
- Non-qualified funds are money you've already paid tax on. If you buy your annuity with money from a savings account or other after-tax money, only the earnings are taxed as regular income. Your original money isn't taxed. Insurance companies use a rule called the "exclusion ratio" to show which part of your payment is taxed and which part isn't.
- Qualified funds are money from a 401(k) or IRA. If you bought your annuity with money you haven't paid tax on yet, your payout is taxed as regular income. If you used money from a Roth IRA, your payout is tax-free.
No, you can't lose money in an immediate annuity.
The "lifetime only" option pays you as long as you're alive. That means, if you die with money in your annuity, it won't go to anyone. To make sure your money goes to your beneficiary, choose 1 of the other options when you buy the annuity.
The main difference is when you start getting paid. With a SPIA, your payments start almost right away, usually within a year of your purchase. With a deferred annuity, you wait to get paid until a later date, like when you retire. This gives your money time to grow.
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.
Start a conversation with a retirement income specialist
![]()
Call 800-833-9847
For TTY devices, dial 711
Hours of operation for our Retirement Income Specialists
Note: Days and times may vary.