Make your income last a lifetime. You have saved diligently for your retirement — but can you make your savings last for the rest of your life? Income Driver 7 with the Guaranteed Lifetime Income Rider (GLIR) can help your savings become retirement income that you can never outlive, while you still retain access to the remaining cash value.
When the GLIR benefit is activated, you are guaranteed a predictable income stream for the rest of your life!
Lifetime income can start immediately The lifetime income you receive is determined by the amount in the Benefit Calculation Base, which is not a value that can be withdrawn. The Benefit Calculation Base is boosted from the start with a 25% bonus if you choose the Standard GLIR , which has an annual charge. * You also have the option of a No-Charge GLIR , which does not offer a Benefit Calculation bonus. You can receive lifetime income as soon as you're ready to activate the GLIR.
Level or increasing income When you activate your Guaranteed Lifetime Income Rider, you can choose to get a level payment for life or an amount that will increase over time. If you select increasing income, your initial income will be lower than the level income, but your income will increase by 2.5% per year — until your accumulation value reaches zero dollars. Then, your income will lock in at the amount it has reached at that time.
Make your savings last Many seniors plan for a 20-year retirement, but for some that may result in outliving their savings. According to data from the Social Security Administration: 1
At age 65, 1 out of 3 people are expected to live until at least 90
At age 75, 1 out of 7 people are expected to live until at least 95
* The Standard GLIR has a charge of 1% of the benefit base, deducted from the accumulated value annually.
TC139026(0124)3
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