Annuitize: To commence a series of payments from the capital that has accumulated in an annuity. The payments may be a fixed amount, for a fixed period of time, or for a lifetime.

 

Related Words

Annuitize: When you annuitize, you choose to convert the assets in your deferred annuity or other retirement savings account into a stream of regular income payments that are guaranteed to last for you . . . View Full Definition

Variable Annuity: A variable annuity is an insurance company product designed to allow you to accumulate retirement savings. When you purchase a variable annuity, either with a lump sum or over time, you allo . . . View Full Definition

Split-Funded Annuity: A split-funded annuity lets you begin receiving income from a portion of your principal immediately, while the rest of the money goes into a deferred annuity. The advantage of split-funding . . . View Full Definition

Annuity Unit: Annuity units are the shares you own in variable annuity subaccounts, also called annuity funds or separate account funds, during the period you're receiving income from the annuity. The num . . . View Full Definition

Accumulation Period: The accumulation period refers to the time during which your retirement savings accumulate in a deferred annuity. Because annuities are federal income tax deferred, all earnings are reinvest . . . View Full Definition

Annuitization: Annuitization means that you convert part or all of the money in a qualified retirement plan or nonqualified annuity contract into a stream of regular income payments, either for your lifeti . . . View Full Definition