I like this annuity because it offers many payment options, including increases over time. With this annuity, I can “set it and forget it,” automatically increasing or decreasing payments according to what the Consumer Price Index does. When we need a little extra cash, we can opt for the Advance Payment Option, which gives us six month’s payments all at once. We are able to do that not only once, but twice while we have this annuity. There are also several different death benefit options that I can choose from to help protect my income for my heirs.
The New York Life Guaranteed Future Income annuity is flexible enough for unforeseen changes in retirement plans. When our retirement didn’t go as we expected, we were able to use the Payment Acceleration option, which allowed us to take out six months worth of payments at one time. Plus, we can do this up to three times during the life of our contract with New York Life. Another great perk is that we can increase our payments by up to 3% to protect our money against inflation.
The Prudential Defined Income Variable Annuity offers more opportunities for growth. Every year that we choose not to take income from this annuity, our money grows by 5.5% annually. The rate of withdrawal is not determined by when we began taking income, but instead by the age we bought our annuity. While we receive less in payouts, we have a 7-year period to surrender the contract, which is great flexibility.
Deferred Income Solutions from Lincoln Financial Group has several attractive features. I first found out about it from purchasing other products from Lincoln Financial Group, an A+ rated carrier that offers consistently high payouts. Deferred Income Solutions offers flexibility, giving me the option to change the income start date not just by weeks or months, but by years if I needed. Another awesome option was that we can make up to three lump sum withdrawals for up to six month’s worth of income. This helped me to manage my finances and use my retirement funds as I wanted.