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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
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50% - Moderately
50% - Moderately
Annuitization
Synonyms: | annuitize, capitalization, draw, receive payments, subsidization |
Filed Under: | annuities, estate-management, financial-banking, investments |
Tags: | annuity, banking, investment |
Definition of annuitization
- annuitization
- 1. The process of converting an annuity or retirement plan into income through either periodic income payments or a single lump-sum payment.
Related Terms and Acronyms:
- annuitant An individual who owns or is the recipient of an annuity.
- annuitization options The different income dispersal options available when annuitizing a retirement plan or annuity, such as the timeframe and list of beneficiaries.
- annuity A financial instrument that disperses a number of payments over a set period of time.
- annuity consideration The payment(s) made by an individual in order to accumulate value in an annuity.
- life expectancy method A method of calculating the appropriate size of payments in an annuity's income phase by estimating the annuitant's life expectancy.
- private annuity An arrangement where one party agrees to transfer ownership of an asset to another party (usually a beneficiary) in exchange for lifetime payments.
- reverse mortgage A loan that allows an older homeowner to convert built-up equity into cash. The loan comes due when the owner dies, sells the house or moves out.
- single premium deferred annuity (SPDA) A deferred annuity funded with a single payment.
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