Single Premium Immediate Annuity (SPIA)

Single Premium Immediate Annuities (SPIAs) are financial products that require a one-time lump sum payment in exchange for a guaranteed stream of income that begins almost immediately. SPIAs are important for retirees seeking a dependable and predictable source of income, as they provide financial stability and help cover living expenses without the risk of market fluctuations. By offering a fixed income for a specified period or for life, SPIAs help retirees manage their finances effectively and ensure they do not outlive their savings.