Joint Pension Annuity:
Protecting You and Your Spouse
The Joint Pension Annuity Payment: The Basics
A joint pension annuity is merely an annuity that is set up to provide an income stream for both you and your spouse. When it is set up, a preset amount (typically one-half) is designated for your spouse. This is an excellent way for someone to protect the financial interests of their spouse. Joint pension annuity payments help you and your spouse to retire in comfort.
Getting Payments From Your Joint Pension Annuity
When you set up your annuity, you will designate the date for the pension annuity payments to begin, usually when you reach 59-1/2 years old. The monthly annuity payment is divided at the preset limit and given to each party. Of course, many people use the option to receive their joint pension annuity in one lump sum, and rollover those funds for further earnings.
Tax Benefits of the Joint Pension Annuity
So long as you make payments into your pension annuity with post-tax dollars, the only taxes due will be for the interest earned. Since there are a lot of variables and frequent changes to the tax laws, we recommend consulting an annuity specialist for accurate information.
Managing Joint Pension Annuity
Your pension after retirement will be one deciding factor about the quality of life you wish to enjoy. Although it is possible to set up and manage your joint pension annuity yourself, self-management is not recommended for most people. To maximize your earning potential and minimize tax obligations, please get a free joint pension annuity consultation today.
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