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Annuities
Annuitization is the irreversible step of converting an annuity's accumulated value into a series of guaranteed income payments, for a set period, for life, or for joint lives. Once a contract is annuitized, the owner generally gives up access to the lump sum in exchange for the payment stream.
Few deferred annuity owners formally annuitize, because many contracts now offer income riders that pay without giving up the account value. Understanding the difference matters when a client asks how they will actually turn their savings into a paycheck.
The two halves of the decision map onto two calculators: the fixed annuity calculator projects the accumulation phase, and the immediate annuity calculator shows what a lump sum could pay out over a chosen period. A prospect who uses both is signalling they are thinking about retirement income, not just growth.
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