A popular type of annuity that provides guaranteed lifetime income is a variable annuity with a lifetime income benefit. Compare Annuities.
Variable annuities allow you to stay invested in the markets while planning for retirement income either immediately or in the future.
It may be an appropriate annuity for you if:
- You are retired or planning for retirement.
- You are concerned about outliving your assets.
- Your essential expenses in retirement are likely to exceed your income from your pension, Social Security, and other sources of retirement income.
- You seek a retirement investment that allows for the option of protection against market loss, income flexibility, and the potential for tax deferred growth.
- You want a portion of your retirement savings to generate guaranteed income.
- You are in your 50s, 60s, or 70s and nearing or already in retirement.
How it works
Your money is placed in a variety of investment options called subaccounts, which may include stocks, bonds, and other investments, to give you greater control. You have the ability to add additional features (for an added cost) that can provide income now or later. Death benefits are also available at an additional cost for legacy planning.
See our in-depth variable annuities brochure (PDF)* for more information.
- Maintain investment diversification for potential growth while also planning for retirement income needs.
- Earnings are tax-deferred.
- The ability to plan for a set amount of income when you need it.
- Available features include guaranteed withdrawal amounts, lifetime income for you and potentially your spouse/partner, and accumulation benefits to protect against market losses.
- You have the flexibility and control to select and pay for only the features you need.
- Since you may not be able to add or delete the features after your initial purchase, you should carefully consider these features and benefits before making a decision.
- Vary depending on specific annuity and features purchased.
- Contingent deferred sales charge (CDSC) that declines to zero over a set period of time.
- Learn more about variable annuity charges and fees.
- May include surrender penalties for early withdrawal.
- Potential tax penalties for withdrawals before age 59 1/2.
- Consult your tax advisor about possible tax implications.
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Variable annuities are long-term investments suitable for retirement funding and are subject to market fluctuations and investment risk.