An annuity with payouts that commence shortly (within months) after the annuity has been purchased. Immediate annuities are purchased with a single (lump sum) premium payment. Immediate annuity payments can be either fixed or variable. The payout period can be a certain amount of time such as 10 years, or can be guaranteed for the duration of the annuitant’s life (a life annuity). With an immediate annuity: 1) money goes in immediately as a single premium payment; 2) the money can be invested at a guaranteed rate or a variable rate, and; 3) payments from the annuity start right away.
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