You’ve worked hard to build your savings, and annuities can help ensure that they’ll last. With annuities, your money grows over the long term, with the option to convert them into a guaranteed income stream. They also provide a payout for your loved ones if you pass away.
Whether you want to play it safe or try to maximize your returns, your agent can help you find the right annuity for your individual needs.
Many of our annuities protect your savings from losing value over time, and can even transfer remaining money to your loved ones through a death benefit
You can choose annuities that offer lower risk and guaranteed future income, or you can choose a version with some risk and potentially greater gains
If growing your money is your priority and you’re comfortable with market risk, consider annuities that are exposed to the performance of financial markets
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Annuities are long-term insurance contracts that convert your retirement savings into an income stream that you won’t outlive, similar to a pension. Our annuities are tax-deferred, which means you won’t have to pay income tax on any earnings until you make a withdrawal. (Withdrawals prior to age 59 ½ may be subject to a 10% IRS penalty.) Annuities can be customized with add-ons to help protect your money from losing value and/or allow you to leave your money to loved ones should you pass away.
Annuities are often used for retirement planning and are ideal for people with longer term savings goals. If you are already putting away as much as you can in a 401(k) or IRA, for example, an annuity can be used to boost your savings and provide you with a guaranteed stream of income when it comes time for you to retire. Your agent can help you determine if an annuity might be right for you.
When you purchase a fixed annuity, the premium you pay is invested over a set period of time based on the terms of your contract. During this period (which typically lasts between 10 to 30 years), your money is credited interest without being taxed, which means it earns interest at a faster rate. When you are ready to retire, the money is paid back out to you along with investment income and gains. The payout involves a return of principal (the money you put in). This payout can be distributed as a regular stream of payments to serve as income for the rest of your life.
It depends on the type of annuity you purchase. While all investments carry some level of risk, fixed deferred annuities are fairly safe because they come with a guaranteed minimum interest rate. This means that New York Life assumes all the investment risk, so your payout is not affected by market fluctuation. Annuities are less liquid than some other types of investments. Access to your investment can be affected by taxes and possible surrender charges.
Variable annuities, on the other hand, involve investments that are subject to market fluctuation. While this can mean higher returns and payouts, it can also result in losses depending on how the investments perform. Your financial services professional is always available to provide guidance and help you determine which type of annuity makes the most sense for your specific needs and goals.
Yes. While earnings from annuities are not taxable until you make a withdrawal, those withdrawals are taxed as regular income by the Internal Revenue Service.
1May be subject to minimums.
2 Any guarantees are based on the claims-paying ability of the issuer.
Annuities contain certain fees, risks, limitations, and restrictions; Please speak with an agent for costs and complete details.
Withdrawals may be subject to ordinary income taxes and, if made prior to age 59½, may be subject to a 10% IRS penalty; Surrender charges may also apply.
Please consider the charges, risks, expenses, and investment objectives carefully before investing in a variable annuity. The product and fund prospectuses contain this and other information and can be obtained from an agent. Read the prospectuses carefully before you invest or send money.
New York Life Annuities are issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), a Delaware Corporation or by New York Life Insurance Company. Variable annuities are offered by NYLIFE Securities LLC, Member FINRA /SIPC. Both NYLIAC and NYLIFE Securities LLC are wholly-owned subsidiaries of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010.
