Single Premium Immediate Annuities

Single Premium Immediate Annuities — Get income starting right now, for as long as you need it.


A Single Premium Immediate Annuity (SPIA) may get the prize as one of the most aptly named annuity products available. It’s a retirement option that allows you to convert a single payment or premium and immediately start receiving income payments for a specified period of time, up to and including the rest of your life.

These annuities make retirement planning easier, because they are simple.

Invest for immediate income

Like all annuities, a SPIA is a contract with an insurance company that provides a stream of income in exchange for a premium payment. A SPIA allows you to begin receiving income right away, rather than waiting for some future date. The size of your premium determines how large your income payment will be. Receiving income for the remainder of your life is an option available under most SPIA’s.

Fixed or variable?

A Single Premium Fixed Immediate Annuity pays a steady amount of income for the duration of the contract, based on a fixed interest rate. The duration of your payments will be determined by the value of your premium and your interest rate. If electing income for life, your size of your income payment will be determined by the value of your premium, your interest rate and your life expectancy.

A Single Premium Variable Immediate Annuity works much the same way but your payments will fluctuate depending on the performance of the underlying investments, options, or subaccounts. This gives you the potential for growth, which may increase your income payments. The risk associated with a variable payment is that if the markets go down, your account balance and income payment would be reduced.

Ready to learn more?

These investments can make retirement planning easier and may enable you to withdraw a higher percentage than you could safely take from a portfolio of stocks, bonds or mutual funds. If you’d like to learn more about how a SPIA can provide immediate income with a host of customizable options, call ING Financial Partners today.

You should consider the investment objectives, risks and charges, and expenses of the variable annuity and its underlying investment options carefully before investing. The prospectus for the variable annuity and underlying investment options contain this and other information. You may obtain a free prospectus by calling your financial professional. Please read the prospectus carefully before investing.