credits

Annuities.

Good news: People are living longer than ever before. So your retirement savings need to last longer than ever before. Also keep in mind that traditional sources of retirement income like Social Security are often inadequate. So putting plans in place for now and later is essential, and annuities can be a powerful tool. With greater security, an annuity can help make your savings last longer than they otherwise could.

Typically, when you purchase an annuity contract, you make a payment in exchange for a future stream of income. If you’re still saving for retirement, know that the earlier you save the more retirement income you’ll likely have to enjoy in the future. If you’re already retired and want to start receiving income immediately, you could make a one-time payment to fund the annuity. Or you can have the flexibility to make payments over time, which will be based on the amount you wish to receive in retirement. 

Your income is up to you: what, when, and how.

Some annuities provide income right away. Others set you up to receive income in the future. Buying an annuity now lets you secure your income when you need it, whether that’s today or years away. (Typically, the longer you wait, the more your savings will work for you and the more monthly income you’ll

receive.)

The risk you want and the results you need.

A Guaranteed Income Annuity lets you convert your savings into a secure source of income that’s guaranteed to last the rest of your lifetime—so you can be sure you’ll never run out of money in retirement. 

A Fixed Annuity offers tax-deferred growth based on a guaranteed fixed interest rate, while a Variable Annuity allows you to pursue greater growth potential by investing in the market. Some variable annuities offer certain guarantees*, for an extra fee, to help ensure your investment is more protected from the market’s possible downside. 

What if you need to cancel?

Most fixed and variable annuities have a provision that allows you to cancel or surrender your policy. Surrender charges do apply on many products, typically between one and nine years, but they generally decrease every year during the surrender-charge period. Each annuity contract we offer is different, so make sure to read the terms carefully and work with a financial professional who understands the specifics of these products.

How could an annuity work for you? 

Contact expert and let us help you determine your best options.

New York Life annuities are issued by New York Life Insurance Company and New York Life Insurance and Annuity Corporation (NYLIAC) (a Delaware corporation) a wholly owned subsidiary of New York Life Insurance Company. Available in jurisdictions where approved.


Category: Annuity

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