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Annuities & Pensions Insurance Q & As
Question 12 of 31 in Basics
What are the uses of an spia?
An SPIA is often purchased to convert assets from savings and investments, selling a business, rollovers or payouts from a pension plan into a guaranteed stream of payments for retirement income. They can also be used to provide deferred compensation to an employee on separation or retirement. An SPIA can also be used (with proper tax counseling) to shelter assets in cases of personal bankruptcy.