Does your under age 60 client need income? Use a SPIA.
January 22, 2013 by Russell E. Towers, J.D., CLU, ChFC
Individuals under age 59-and-a-half sometimes have a need for a guaranteed stream of income due to unforeseen economic circumstances in their lives. This need can be met with the purchase of a single premium immediate annuity (SPIA), which will guarantee a fixed income for life or for a period-certain-only number of years.
The questions that arise on the taxation of this stream of SPIA income will depend on whether the SPIA is a non-qualified SPIA or a qualified SPIA within an IRA. Click here to read…
Originally Posted at LifeHealthPro on January 21, 2013 by Russell E. Towers, J.D., CLU, ChFC.
Categories: Industry Articles