If you are at or near retirement, you probably have some money set aside in the form of savings, CDs, mutual funds, 401(k) plans, or IRAs. This fixed immediate annuity plan lets you convert part of your retirement funds into a stream of guaranteed lifetime income payments.

You purchase this plan with a single lump sum of money, called a “premium.” In return, you will receive a check from New York Life Insurance and Annuity Corporation every month for the rest of your life.