Joint and Survivor

An annuity or pension payout option that provides guaranteed lifetime income to an annuitant and continues the payments to the annuitant’s surviving spouse for their lifetime. Spousal payments are typically 50% to 100% of what the annuitant’s payments were. Although the Joint and Survivor payout option provides financial protection for spouses, this option reduces the amount of money that the annuitant receives during their lifetime. See Fixed Annuity, Single-Life Option

Glossary