How to use the SPIA (&DIA) Calculator
Section 1: Select SPIA Payout Type
| Payout Type | Annuity Type | Guarantee Type | Certain Period |
|---|---|---|---|
| Life Only | Single Life | Certain Period | 0 Years |
| Joint Life | Joint Life | Certain Period | 0 Years |
| Life with Period Certain | Single Life or Joint Life | Certain Period | Custom duration (Years and Months) |
| Period Certain Only | Certain Only | Certain Period | Custom duration (Years and Months) |
| Life with Installment Refund | Single Life or Joint Life | Installment Refund | Field hidden |
| Life with Cash Refund | Single Life or Joint Life | Cash Refund | Field hidden |
Section 2: Solve For Income or Premium
| Option | Selected | Input Fields | Example Values |
|---|---|---|---|
| Solve for Income | Income | Premium, Cost Basis |
Premium: \$100,000 Cost Basis: \$0 |
| Solve for Premium | Premium | Income | Income: \$X per month or year |
Note: Cost Basis - This field indicates the amount of previously-taxed premium and should only be entered if the type of fund is non-qualified. If no amount is entered for a non-qualified case, the cost basis will be assumed to be the same as the premium.
Section 3: Add Client Information
| Step | Description | Input Fields | Example Values |
|---|---|---|---|
| 1. Add Primary Annuitant Info | Enter the primary annuitant's information | Name, Birthdate, State, Gender | Valued Client, 12/28/1964, AZ - Arizona, Male |
| 2. If Contract is Joint | Enter the joint annuitant's information | Name, Birthdate, Gender, Spouse? | Spouse or Partner, mm/dd/yyyy, Male, Yes |
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Specify if income reduces upon the death of one of the annuitants (Joint Type) | Joint Type | Non-reducing, Reducing on First Death, Reducing on Death of Primary, Reducing on Death of Secondary |
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Select continuation percentage(s) | Continuation % (0–100%) of annuity income that continues to the survivor | 100% |
Section 4: Add Contract Details
| Step | Description | Input Fields | Example Values |
|---|---|---|---|
| Select Funding Type | Choose whether the funding is qualified or non-qualified | Fund Type | Traditional IRA |
| Select A.M. Best Rating | Choose the minimum acceptable A.M. Best rating | A.M. Best Rating | A- |
| Add ROP Option | Decide if Return of Premium (ROP) is desired before income starts | ROP Before Income Starts | No |
| Choose Inflation Adjustment | Decide if you want inflation-adjusted products (COLA) and set annual increase % | Index Type, Index Rate | COLA (annual), 3% |
| Set Purchase Details | Choose the purchase date and payment frequency | Purchase Date, Payment Frequency | 05/20/2025, Monthly |
| Set Income Start Date | Choose when income payments begin; determines SPIA or DIA | Income Start Date | 12/25/2026 |
| QLAC Option (if applicable - certain Qualified DIAs only) | If eligible, decide whether to convert to a QLAC | QLAC | Yes |
Section 5: Select "Proceed → "
To view the results.