A news release said the MetLife Retirement Income Insurance is deigned to provide a source of income at a later age to protect retirees from outliving their retirement assets and can be funded with a single lump sum or with premiums. The product is portable from one job to another. The annuity must be funded with after-tax income.
The employee can decide at what age the annuity will start to pay out, and this age can be changed at any time.
“Americans insure their lives, homes, automobiles and health, yet far too few have even considered insuring their retirement income. With retiree’s living longer than any previous generation, 48% of today’s employees rank ‘outliving their retirement savings’ as their greatest retirement fear,” said Presley Surratt, senior vice president, MetLife Retirement & Savings, in a press release. “Retirement Income Insurance allows them to set aside a portion of their retirement savings to generate a steady stream of guaranteed income during their later retirement years, when most Americans need it most.”