Pick the payout that fits your family’s needs.
Life annuity
Highest income, stops on death.
Life annuity with return of price
Lower income, but the purchase price is returned to the nominee.
Joint-life annuity
Income continues to the spouse after the first death.
Increasing annuity
Starts lower, rises each year to beat inflation.
Key takeaway. Couples often choose joint-life; single retirees may prefer higher income.
General information only; not personal advice. Rules and limits change, so verify current details. Last updated October 2026.