Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Yes - to annuitize an annuity means you are electing to start receiving monthly payments from your annuity. When the annuity is created, you have options on how you would like it paid out (immediate annuity vs. deferred annuity and whether you want to receive those for a certain number of years or continue on for life).
I hope the information is helpful - please feel free to contact me for help setting up an annuity and if you have any other questions. Thanks very much.
That is a great question! Every annuity, whether it be a fixed, variable, or indexed annuity will have an annuitizing phase. That simply means that after it has sat for the allotted time accruing earnings, that it reaches the point where it begins to pay out to you. When you purchased your annuity, you would have set the time period that the payments would continue for. Ask your agent to review those details with you, so that you will have an idea of what you can expect to receive for income. I hope it's a bundle! Thanks for asking!
.JPG){kind=avatar}
I hope the information is helpful - please feel free to contact me for help setting up an annuity and if you have any other questions. Thanks very much.