Know about financial planning for retirement
All can purchase an income annuity with any amount of $10,000 or more, though premium payments of $5 million or more requires prior orlando life insurance and Annuity Corporation approval.
Unlike some income annuities, one of the payment options you can select with New York Life's Lifetime Income Annuity is a "Cash Refund" feature that guarantees that you will not lose any of your premiums. If you die before your monthly income payments equal the full amount of your annuity purchase price, your beneficiary will be paid the difference. Additional payout features are also available.
Money used to purchase this financial planning for retirement will be permanently locked into the contract and can only be returned in the form of monthly payments. However, if you are at least age 59 ½, you may be able to access future payments, which can be helpful in the event of an emergency.
A Payment Acceleration Feature enables you to receive your next scheduled monthly payment, along with five subsequent payments-for a total of six months of income payments paid to you all at once. When you exercise this option, your income payments will not be paid for the next five months. This feature may only be exercised twice during the life of the policy and is only available on non-qualified polices with monthly payment schedules.
A one-time Cash Withdrawal Feature allows you a one-time withdrawal of up to 100% of the discounted value of remaining guaranteed payments at any time within the guaranteed payment period. Once this option is exercised, future income payments through the end of the guaranteed payment period will be reduced by the withdrawal percentage you elected. If the annuitant is alive at the end of the guaranteed payment period, full annuity payments will resume for the life of the policy. This feature is only available on non-qualified policies with a Life with Cash Refund or Life with Period Certain payment option.
30% Cash Withdrawal allows you a one-time withdrawal of 30% of the discounted value of remaining payments expected to be paid to you based on your life expectancy when you purchased your policy through financial planning advice for retirement. You may exercise this option on the 5th, 10th, or 15th anniversary of your first income payment, or upon proof of a significant, non-medical financial loss as specified in your policy. Once this option is exercised, future income payments will be reduced by 30% for the life of the policy. This feature is only available on non-qualified policies with a Life Only or Life with Percent of Premium Death Benefit payment option, and on all qualified policies.
