Guaranteed Lifetime Income Can Be Yours

By on December 1, 2006

(NAPS)-If you sometimes feel as if saving for your retirement is only half of the retirement challenge, you’re not alone. According to research conducted by Mathew Greenwald & Associates, only 10 percent of Americans understand how much of their retirement savings they can safely spend each year without running out of money. And only 11 percent of the preretirees surveyed believe they will improve their standard of living in retirement. Meanwhile, only two in 10 private sector employees are covered by employer-sponsored pension plans, and only four in 10 are covered by 401(k) type savings plans, according to the Bureau of Labor Statistics. Now more than ever, people need help setting up their own sources of guaranteed lifetime income. People are also living longer in retirement and depending on their savings to last. Fortunately, there are options that can help you make the most of your nest egg. One is an annuity that guarantees a steady stream of income for life. It’s known as a lifetime income annuity. By placing your money in a lifetime income annuity, you will create a steady stream of monthly income you can rely on for the rest of your life.


The product guarantees payments that won’t vary with changes in the financial markets, unlike investments in stocksor mutual funds. Plus, lifetime income annuities also provide a number of flexible features. For instance, even though your monthly cash payments are fixed at the amount you’ve chosen, if you find that you need more cash for a few months, some lifetime income annuities allow you to accelerate your payments. In the event of an emergency, such as a natural disaster that damages your home, lifetime income annuities can also offer immediate access to cash. Another feature can increase your monthly payments to keep pace with inflation. And there are options that allow you to leave cash to your heirs. Not all of these options are available on all annuities and in all states or to annuitants of all ages. The guaranteed income is based on the ability of the issuing insurance company to pay. Therefore, it is important to select an annuity from an insurer you can trust to provide guaranteed income for as long as you live. A company with a long, steady track record, such as New York Life, can help provide the stability you need. A retirement plan that offers cash payments, yet gives you the flexibility to access cash when you need it, can provide tremendous peace of mind no matter what the future may hold. To learn more about guaranteed lifetime income, including an interactive quiz and retirement income calculators, visit


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