The Split Annuity: Current Income Plus Future Savings

Financial planning in retirement usually has two primary goals: create a steady, dependable stream of income and preserve retirement savings. One idea which may assist in achieving these retirement objectives is the split annuity concept.

What is a split annuity?

An annuity is a contract purchased from an insurance company that can be used to accumulate money on a tax-deferred basis for retirement and/or to convert retirement assets into a stream of income. A split annuity isn't really one annuity, but a combination of two or more annuities funded with a single sum of money.

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