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IMMEDIATE INCOME ANNUITIES Guaranteed income now with immediate income annuities
Our immediate income annuities can convert your savings now into a guaranteed income stream that acts like a pension in some ways.¹ Your agent will work closely with you to create an annuity that starts paying you soon and lasts for as long as you need.
What immediate income annuities offer
We help you set up an income annuity with a single premium as a deposit, and then it starts paying you regularly to help support your lifestyle–a unique benefit of an annuity. Certain income annuities pay guaranteed income with the opportunity for more through non-guaranteed dividends.2
Income to live on now
If you’re already retired and/or have immediate financial needs, annuity payouts can usually start within a month
Reliable payouts
You can plan on receiving guaranteed monthly payments, in either consistent amounts or increasing over time
Your own time frame
You can design an income stream to cover you for the rest of your life or just a specific period of time
Three types of immediate income annuities
Guaranteed Lifetime Income Annuity³
Income starts now and will be paid in consistent, predictable amounts for the rest of your life
Lifetime Mutual Income Annuity⁴
Steady payments for life, plus the potential for dividend payments
Guaranteed Period Income Annuity⁵
Income for a defined period of time, such as bridging the gap until Social Security payments start
How the New York Life Guaranteed Lifetime Income Annuity could work for you
With a $100,000 premium to start, here’s the yearly income a policy owner could receive for the rest of his life.6
|
65 |
$6,582 |
6.58% |
|
75 |
$8,068 |
8.07% |
|
85 |
$10,591 |
10.59% |
Common questions about immediate income annuities
An immediate income annuity is a type of policy that converts your savings into a guaranteed income stream. Payments to you can usually start within a month, so it’s especially helpful if you need cash flow soon. It’s like a pension that can support you now and for the rest of your life (or as long as you need).
Your income stream can usually start within a month. After that, you’re guaranteed to continue receiving regular payments based on the schedule that you and your agent create together.
Yes, you make one lump sum payment (premium) into the annuity. Your agent can answer questions about payments, help you compare options and provide guidance.
Yes. Once you select your annuity, decide how much to contribute, and set your payout schedule, you can rely on receiving regular payments to help support your lifestyle now and in the future. Some immediate annuities also offer more income through potential dividends.1
If you’ve already paid taxes on the money you put into the annuity, a portion of your payouts will be tax-free. If you use pre-tax dollars, however, you’ll pay income tax on the entirety of each payout. Your agent can give you personalized quotes and answer any other questions you may have.
If you don’t need retirement income yet, there’s another option
Learn more about retirement planning
1All guarantees are dependent upon the claims-paying ability of the issuers, New York Life Insurance Company (NYLIC) and New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation), a wholly owned subsidiary of NYLIC. All contract and rider guarantees, including options benefits and annuity payout rates, are backed by the claims-paying ability of the respective insurance company. Guaranteed income from dividend paying annuity is lower than guaranteed income from fully-guaranteed annuities.
2Dividends are not guaranteed. Dividends, if declared, are payable beginning on the first policy anniversary (i.e., 12 months after issue).
3Issued by New York Life Insurance and Annuity Corporation (A Delaware Corporation), a wholly owned subsidiary of New York Life Insurance Company. For most jurisdictions, the policy form number for the New York Life Guaranteed Lifetime Income Annuity is ICC11-P102 (it may be 211-P102). State variations may apply.
4New York Life Lifetime Mutual Income Annuities are issued by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010. Available in jurisdictions where approved. The policy form number for the New York Life Lifetime Mutual income Annuity is 214-P200. State variations may apply.
5Issued by New York Life Insurance and Annuity Corporation (A Delaware Corporation), a wholly owned subsidiary of New York Life Insurance Company. The policy form number for the New York Life Guaranteed Period Income Annuity is ICC11-P111 (it may be 211-P111 and state variations may apply). Payout rates are not interest rates, and they include return of premium. Rates are effective as of 5/29/23 and change regularly.
6Annuity payments consist of both interest and return of premium. Payout rates are not an interest rate. These payout rates and income amounts are effective as of 5/29/23. Based on a refund unisex life annuity policy purchased with $100,000. For other payout options and premiums less than $100,000, the payout rates will be lower. Payout rates are subject to change and may vary depending on premium amount, age, gender, income option selected, and interest rates in effect at policy issue.