According to a New York Life news release, the LifeStages Lifetime Income Annuity includes features such as:
- payments that won’t vary with fluctuations in the financial markets
- a payment-acceleration feature to handle short-term liquidity needs
- a withdrawal option that enables clients one-time only access to some of the value of their remaining lifetime payments at certain times, for when they need a larger source of cash
- the ability to elect for their payments to increase each year as a way to protect against inflation.
“It has become more and more common for people to live well into their eighties and nineties and many Americans are rightly concerned that they may outlive their retirement savings,” Corey Multer, vice president, New York Life, said in a statement. “Today’s retirees are looking for a way to ensure their savings will last that also provides liquidity and the ability to leave a legacy to their heirs.”