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