How do you continue to receive guaranteed income for life?
When you start receiving income, guaranteed lifetime income payments come from the contract value, not the Withdrawal Base. As long as you don’t take excess withdrawals, your income never goes down due to receiving lifetime income payments, even if your contract value is depleted.
Here’s how:
Your guaranteed income amount is calculated using your Withdrawal Base amount. So, this can never be reduced due to receiving guaranteed lifetime income payments.
Your income comes from your contract value. As you continue to receive your guaranteed lifetime income, your contract value will reduce. However, even when it does deplete, you will still continue to receive guaranteed lifetime income.
Withdrawal Base
Contract Value
Guarantees provided are subject to the financial strength of the issuing insurance company; not guaranteed by any bank or the FDIC.
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