Defined terms for the annuity market and lifetime income landscape.
A rollover is the transfer of an eligible retirement account balance from one tax-preferred account to another — plan to plan, plan to individual retirement account, or IRA to individual retirement account — completed in a way that preserves the balance's tax-deferred status.
A joint and survivor annuity is a payout structure in which the insurer makes scheduled income payments for the lifetime of two designated annuitants — typically spouses — with payments continuing in full or at a contractually reduced level after the first annuitant's death.
