New York Life Clear Income Advantage Addresses Key Retirement Income Concerns, while Offering Flexibility and Access
New Annuity Offering Provides Confidence and Security to Navigate a Complex Retirement Landscape
“In designing Clear Income Advantage, we talked to people near to and in retirement about their top retirement concerns. We heard that the vast majority of individuals in the red zone of retirement – five years before and five years into retirement – are most concerned about macroeconomic factors like inflation and market volatility impacting their savings and healthcare or long-term care expenses. This large segment of investors wants retirement solutions that provide flexible guaranteed income, and many told us it was important that retirement solutions offer them access to their money,” said
Clear Income Advantage is a fixed deferred annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB) rider that allows clients to convert a portion of their retirement savings into guaranteed payments that they cannot outlive, helping them cover their most important expenses and maintain their lifestyle. Additional features include:
- Access to money – Clear Income Advantage policyowners maintain access to their account value before and after their lifetime income has been activated, providing flexibility and options for those whose needs have changed since purchase.*
-
Guaranteed income for life – Backed by the financial strength of
New York Life , the #1 provider of annuities and the #1 provider of guaranteed income annuities2. -
Protection from market volatility – A client’s account value and guaranteed income are never tied to market performance.
- Opportunity for income growth – Each year clients choose to defer income, their guaranteed income amount will grow based on a predetermined percentage called a Deferral Credit and can increase the withdrawal rate when income starts.
“Planning for a long, secure, financially independent retirement has become more complex over time. Unlike saving for retirement, there is no universally accepted strategy for how and how much to spend when someone reaches retirement. As a result, we see retirees spending less, retreating from higher levels of equity allocation – especially in times of market volatility – and unnecessarily constraining their lifestyles in retirement,” said Taylor. “Our research3 shows that those with guaranteed income as a part of their retirement strategy comfortably spend more in retirement. That’s why we believe it’s important to create solutions, like Clear Income Advantage, that address retirees’ income needs and the behavioral aspects that may be holding them back from enjoying the retirement lifestyle they desire.”
For more information about Clear Income Advantage, visit www.nylannuities.com.
ABOUT
1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),”
2LIMRA full year 2022 annuity sales.
3 The Decumulation Paradox, Investments and Wealth Monitor, July /
4Individual independent rating agency commentary as of 10/18/2022:
*Please note, certain withdrawals may be subject to surrender charges or a Market Value Adjustment. Any withdrawals made prior to activating your income will reduce your future guaranteed lifetime income payments. After income starts, any withdrawals exceeding your guaranteed lifetime income amount will also reduce your future income payments.
An MVA only applies when the policy owner surrenders or makes a withdrawal from the contract that is greater than the surrender-charge-free withdrawal amount during the surrender-charge period and will add or deduct an amount from your annuity or from the withdrawal amount you receive based on a formula and the prevailing interest rate environment.
src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20230405005311r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />
View source version on businesswire.com: https://www.businesswire.com/news/home/20230405005311/en/
(212) 576-4499
[email protected]
818-426-3201
[email protected]
Source:
Verisk Grows Premium and Loss Database for Third Consecutive Year
Jeff Henningsen to assume CEO role for Lockton Texas P&C Business
Advisor News
- Year-end planning errors retirees should avoid
- Social cultivation: How to talk with wealthy prospects
- How important is a written financial plan?
- Coalition wants to advise people impacted by policy changes in new administration
- Diagnosing miscommunication in retirement planning
More Advisor NewsAnnuity News
Health/Employee Benefits News
- What your generation needs to know
- Studies in the Area of Human Papillomavirus Vaccines Reported from University of Connecticut (Accountable Care Organizations and Hpv Vaccine Uptake: a Multilevel Analysis): Immunization and Public Health – Human Papillomavirus Vaccines
- New attempt made to drop circumcision from Medicaid coverage in NH
- National Health Insurance Service Ilsan Hospital Reports Findings in Pneumothorax (Impact of Deep Learning-Based Computer-Aided Detection and Electronic Notification System for Pneumothorax on Time to Treatment: Clinical Implementation): Respiratory Tract Diseases and Conditions – Pneumothorax
- YMCA Produce Prescription Project (YPRx): Clinical Trial Identifier NCT06695104
More Health/Employee Benefits NewsLife Insurance News