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If you are an AARP member age 50 to 77, this valuable plan allows you to turn
part of your retirement savings into a guaranteed monthly income stream that will last your entire life.
Here’s how it works:
- You purchase this plan with a lump sum of money called a "premium."
- Each month you will receive a check for a fixed amount of money.
- These checks will continue for the rest of your life — no matter how
long you live!
A single lump-sum premium payment guarantees you monthly payments for life. And that’s not the only benefit this
plan offers.
- It also guarantees payments to your heirs if you pass away prematurely.
If you die before 20 years has passed, your beneficiary will receive the remaining monthly payments
during the 20-year guarantee period. Not all annuity plans give you that assurance.
Take a look at the other important features of this AARP-endorsed annuity plan:
- Guaranteed Monthly Payment Amount
The amount you receive each month is guaranteed. Regardless of the ups and downs of the financial
markets, you can be confident that your annuity income is locked in and guaranteed.
- Withdrawal Features
Money committed to this plan will be permanently locked into the contract and
your access to funds will be limited to the monthly payments you receive for
life. However, if you fund your annuity from a non-tax qualified source such as
a checking or savings account and you are at least age 59½, you may be able to
access future payments, which can be helpful in the event of an emergency.
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- A Payment Acceleration Feature*
allows you to receive six monthly benefit payments in one
lump sum. This feature is only used twice, and regular
monthly payments will resume six months after it is initiated.
- A one-time Cash Withdrawal Feature**
allows you to withdraw 30% of the current
value of the plan’s
future guaranteed payments. Payments will be reduced if you use
this feature. Use of these liquidity features within five years of your
first income
payment could result in a penalty tax if income payments begin
prior to age 59 ½.
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These features are not available in all cases. Our free information kit will
outline the restrictions and tax implications to consider.
- This is the only annuity program endorsed by AARP.
The AARP Lifetime Income Program has the approval of AARP. And it’s backed by the
financial strength of New York Life Insurance and Annuity Corporation,
a wholly owned subsidiary of New York Life Insurance Company.
- Easy to Apply
You can enroll in this group plan easily by mail in the privacy of your own home.
Request a free information kit, or if you have
any questions about this or other plans available through the AARP Lifetime Income Program,
call 1-800-590-1504. Within a week you’ll receive complete plan information, a personalized
proposal, and step-by-step instructions on how to apply by mail. Our Annuity Specialists will
be available by telephone to answer your questions, and to assist you throughout the process.
Our staff is available to help, Monday through Friday, 8 a.m. – 6 p.m. and Saturday, 9 a.m.
– 5 p.m. (Eastern Time).
* Proceeds will be taxable at the time of receipt. You may
wish to consult with your tax adviser.
** Proceeds will be taxable at the time of receipt. You may wish to consult
with your tax adviser. You will receive 30% of the present value of these payments
using interest rates effective at the time of the withdrawal. Present values
of these payments will be less than the sum of those payments. Future monthly
payments will then be reduced by 30% until the 20 years of guaranteed payments
have been made. Details will be provided in the Certificate. Not available in
New Jersey and Oregon.
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