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November 14, 2019 at 01:47 PM
Fidelity Investments has added a single-premium immediate annuity (SPIA) from USAA Life Insurance Company to the income annuity menu at its Fidelity Insurance Network program.
A SPIA contract gives the purchaser a way to convert one big payment into a stream of income payments that starts right away.
(Related: Fidelity Expands Thematic Lineup to 16 Funds: Portfolio Products)
The typical purchaser is a newly retired consumer who’s moving assets out of a 401(k) plan or other retirement plan.
USAA and Fidelity Investments
USAA Life is an arm of United Services Automobile Association, a San Antonio, Texas-based financial services provider that has focused on serving armed services members and their families. The company’s SPIA contracts and other life and annuity products are available to members of the general public as well as service members and their families.
Fidelity has been offering a wide range retirement income planning services for decades. In 2001, for example, it began offering clients a formal retirement income planning worksheet.
Fidelity is administering about $7.8 trillion in assets, or about 3% of the total financial wealth of the United States.
Steve Patterson, a Fidelity executive, is the 2019 chair of the LIMRA LOMA Secure Retirement Institute.
