Guaranteed Lifetime Income - Possible Sources
Guaranteed Lifetime Income Possible Sources |
Title | Guarantor | Back-up | How it might work | COLA (Inflation protection) | Spousal (Joint lifetime) |
Pension – Corporate | Corporation | PBGC | Monthly payment by corporation | Sometimes | Often if elected by employee |
Pension – Government | Government | Taxpayers | Monthly payment by government | Sometimes | Often if elected by employee |
Pension - Union | Union or outside entity | Varies | Monthly payment by union | Sometimes | Often if elected by employee |
Structured Settlement | Settlor | Insurance possibly | Monthly payment by settlor | Doubtful | Doubtful |
Alimony – lifetime | Divorced spouse | Life insurance Disability insurance | Monthly payment by spouse | Doubtful | Never |
Life Annuity Immediate Annuity | Insurance carrier | State Guaranty Fund | Monthly payment by carrier | Available | Available |
Deferred annuity with income rider | Insurance carrier | State Guaranty Fund | Monthly payment by carrier | Available | Available |