What are joint and survivor annuities?
A joint and survivor annuity pays a lifetime income to the annuitant and to another person, most often a spouse. If you are married or if someone depends on your income, you may want to select this option, which provides regular, fixed payments until both you and your spouse or dependent die. When you die, your spouse or dependent receives payments that are usually less than the amount you received, but by law they cannot be less than 50% of your payment. The joint and survivor plan generally offers the lowest monthly payments among most available annuity options. However, it is also the safest plan because it ensures that your spouse or dependent will continue to receive income after your death.
