Charles Schwab has expanded its Single Premium Immediate Annuity (SPIA) offer, with the addition of a fixed income annuity product from MetLife Investors USA Insurance, to meet the growing need for retirement income solutions.

Single Premium Immediate Annuity (SPIA) is a fixed income annuity platform that provides choice and flexibility for people seeking ongoing sources of guaranteed income in retirement.

Already, SPIA Choice Platform include products of Nationwide Life Insurance and Symetra Life Insurance.

Fixed income annuities are insurance contracts purchased with a single premium that begin paying income in fixed payments within 13 months of the purchase.

Charles Schwab senior vice president Peter Crawford said these additions to the existing SPIA platform further diversify its fixed income annuity offering and is consistent with Schwab’s overall open architecture approach that enables investors to choose the products that make the most sense for their specific situation.