In a new report, the Employee Benefit Research Institute examines the effectiveness of immediate versus longevity annuities at reaching adequate retirement income targets.
Just as their name suggests, immediate annuities deliver regular, lifelong payments from an insurance company to the annuity holder that begin soon after signing the contract.
Longevity annuities, according to longevityannuities.com, require the holder to wait until a later age before making periodic payments. It's recommended to begin putting money into a longevity annuity long before retirement - the longer the period of time before payments begin, the lower the premium will be at time of purchase.
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