Common use of Expectancy Payments Clause in Contracts

Expectancy Payments. Under the Life Expectancy Payments option, your spouse beneficiary must withdraw a minimum amount each year beginning in the calendar year following your death. However, if your surviving spouse is your sole designated beneficiary, they may generally elect to delay the first distribution until the year you would have been required to begin taking RMDs from a Traditional IRA. The life expectancy payment is the required minimum amount to be withdrawn each year; your spouse beneficiary may always withdraw an additional amount, including a lump-sum distribution of the remaining balance.

Expectancy Payments. Under the Life Expectancy Payments option, your spouse beneficiary must withdraw a minimum amount each year beginning in the calendar year following your death. However, if your surviving spouse is your sole designated beneficiary, they may generally elect to delay the first distribution until the year you would have been required to begin taking RMDs from a Traditional SIMPLE IRA. The life expectancy payment is the required minimum amount to be withdrawn each year; your spouse beneficiary may always withdraw an additional amount, including a lump-sum distribution of the remaining balance.

Expectancy Payments. Under the Life Expectancy Payments option, your spouse beneficiary must withdraw a minimum amount each year beginning in the calendar year following your death. However, if your surviving spouse is your sole designated beneficiary, they may generally elect to delay the first distribution until the year you would have been required to begin taking RMDs from a Traditional IRA. The life expectancy payment is the required minimum amount to be withdrawn each year; your spouse beneficiary may always withdraw an additional amount, including a lump-sum lump‐sum distribution of the remaining balance.