- Fixed immediate annuity for AARP members ages 50 to 89
- Receive guaranteed monthly income payments for life
- “Cash Refund” feature: if you die before your total payments equal your annuity purchase price, your beneficiary will be paid the difference
- Purchase with $10,000 or more, using funds from savings, CD, 401(k) or IRA*
- Payments begin immediately and never change, regardless of market conditions
- Single or Joint Life Plans available
*For residents of CA, ME, NV and SD the minimum purchase amount is $25,000.
How Does This Annuity Work?
This fixed immediate annuity lets you convert a portion of your savings into a stream of guaranteed lifetime income payments. You purchase this annuity with a single lump sum of money called a “premium.” You’ll receive your first payment one month after your Annuity Certificate is issued.
Fixed Monthly Payments, Guaranteed for Life
No matter how long you live, your monthly payment is guaranteed. In addition, the amount of your annuity income payments never varies due to market conditions. It’s locked in for life.
Who Is Eligible
AARP members ages 50 to 89 and spouses ages 45 to 89 qualify for this group annuity. In most states, if you’re not a member, you can still request a free Information Kit by mail.
Your Money Won’t Be Lost If You Die Prematurely
The Cash Refund feature guarantees the money you use to purchase this annuity won’t be lost. If you pass away before your payments equal your annuity purchase price, we will pay your beneficiary the difference. This important safeguard for your savings isn’t offered by every annuity.
Single or Joint Life Option
You can purchase a single life annuity for yourself and collect a monthly income payment for as long as you live. With a joint life annuity, these monthly income payments will continue to your spouse after you pass away.
Payment Acceleration Feature
Depending on the type of assets you use to fund your annuity, you may be able to access some portion of your future payments. A Payment Acceleration feature allows you to receive six monthly payments in one lump sum. This feature can only be used twice, and regular monthly payments will resume six months after each use. Proceeds will be taxable at the time of receipt. You may wish to consult with your tax advisor.
How to Fund Your Annuity
You can use many types of assets to purchase your annuity, including a checking or savings account, or maturing CD. You can also purchase your annuity using assets from retirement plans, including an IRA, 401(k), or lump-sum pension plan payout, without losing your tax-deferred status. Rather than incur taxes on the entire withdrawal amount, you’ll pay taxes over time on each monthly income payment.
How Much Money to Use to Purchase
You can purchase this fixed immediate annuity with any amount of $10,000† or more. The money you use to purchase this annuity will be permanently locked into the contract and access will be limited to the monthly income payments you receive for life. You should use no more than 50% of your assets, excluding your home, to purchase an annuity and keep at least $20,000 of savings on hand for emergencies. To help you decide if this annuity is suitable for you, click the link below to see important guidelines.
†
For residents of CA, ME, NV and SD, the minimum purchase amount is $25,000.
» Things to Consider When You’re Ready to Make a Purchase
Simple Enrollment
AARP members can easily enroll to purchase this fixed immediate annuity from New York Life by mail, quickly and privately. There’s absolutely no cost or obligation when you request a free Information Kit and an Enrollment Form.
» Request a Free Information Kit and Enrollment Form
The AARP Lifetime Income Program is exclusively for AARP members. In most states, if you’re not a member, you can still request your free Information Kit by clicking the link below.
» Get a Free Information Kit