Annuity Basics: What Is A SPIA?
January 6, 2021

A single premium immediate annuity (SPIA) is one of the simplest types of annuity contracts. With a SPIA, you make a single large deposit with an annuity company and your monthly payments begin immediately. While SPIAs are easy to understand, buying them requires some foresight. You purchase a SPIA with a single lump sum, instead of making incremental payments over time as with some other types of annuities.

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