Income annuities
What’s an income annuity?
An income annuity turns your money into a regular series of income payments that can continue for life.
Key benefits
Guaranteed, steady income in retirement.
Income that can start right away or in the future.
Income that can last a specific number of years or the rest of your life and can continue to a loved one after you die.
Payments can increase each year to help keep pace with inflation.
How do income annuities work?
You put money in
You purchase the annuity contract with a lump sum.
It pays you back over time
You receive regular payments over a certain number of years or your lifetime.
The specific amount of money you receive is calculated on the following criteria:
Your gender1 and age.
How much you pay for the annuity contract.
When you want income payments to start and how long you want your income payments to last.
For certain annuity contracts, whether you want the payments to continue to a loved one after you die.
Consider an income annuity if:
- You are in or near retirement.
- You want steady, dependable income in retirement.
- You want income for a specific period of time or your lifetime.
I don’t want any surprises. What else should I know?
When you purchase an income annuity, you’re agreeing to a long-term contract with an insurance company. In exchange for providing guaranteed income for as long as you need it, the insurance company permanently locks in the money you give them. The frequency and duration of payments cannot be changed once payments have begun. If you think you might need that money for unplanned expenses in the future, an income annuity may not be right for you.
Types of income annuities to consider:
Income now
If you want income now, some annuities provide guaranteed, immediate income that can last for your lifetime or as long as you need it, with options to have annual payment increases to help combat inflation.
Income later
If you want income later, other annuities let you select a date in the future to begin receiving payments—usually early in your retirement. This can give you more freedom to enjoy your younger years, with less concern about running short later.
Next steps
Symetra offers a variety of annuities. Ask your financial professional or [insurance producer] if an annuity is right for you.
Income annuities are issued by Symetra Life Insurance Company, 777 108th Ave NE, Suite 1200, Bellevue, WA 98004 and are not available in all U.S. states or any U.S. territory. Annuity contracts have terms and limitations for keeping them in force. Contact your financial professional or insurance producer for complete details.
Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company.
Earnings are taxed only as received. Exclusion ratio applies for nonqualified contracts.
Withdrawals may be subject to federal income taxes, and a 10% IRS early withdrawal tax penalty may also apply for amounts taken prior to age 59½. Consult your attorney or tax professional for more information.
1For nonqualified annuities only.