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If you are an AARP member age 50 to 89, this valuable plan allows you to turn
part of your retirement funds 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 guarantees that your money won't be lost if you pass away
prematurely. If you die before the sum of your payments equals
your annuity purchase price, your beneficiary will be paid the difference.
With our "Cash Refund" guarantee, this plan will never pay back less than you
pay in. 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 Available For Certain Plans
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 payments that we would make until we’ve returned the full amount
of your annuity purchase price. Future 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.
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 1-800-590-1455.
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
payments that we would have made equal the full amount of your initial premium.
Details will be provided in the Certificate. Not available in New Jersey and Oregon.
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